Posted on: 21st Oct, 2013 01:02 am
Will I be able to qualify for a mortgage to complete my home? I do not have any kind of mortgage under my name and also have a poor credit.
Hi Guest,
With a poor credit, it will be difficult for you to qualify for any kind of loan. You will have to improve your credit and then look out for a loan.
Thanks,
Jerry
With a poor credit, it will be difficult for you to qualify for any kind of loan. You will have to improve your credit and then look out for a loan.
Thanks,
Jerry
Yes, Jerry is right. If possible, then get a co-signer with a good credit to apply for a mortgage.
With poor credit score, it is not possible for you to get a loan. What you can do is to improve your credit score before applying for a loan. Other than this, if any of your friend or relative wants to be your co-signer for a loan, then you can obtain one. For this, your co-signer must have a good credit score.
I have no idea where some of the responders above get their information. They have no right answring questions when they have little idea what they are talking about.
A cosigner with good credit does no help whatsoever for a borrower with poor credit.
The only thing a cosigner can do is provide more income in the transaction to make a transaction possible. The primary borrower must still have good credit.
You may or may not be able to find a hard money lender to give you a mortgage. The rate and points will be higher than regular mortgages. Unfortunately, even that option may not be possible.
A cosigner with good credit does no help whatsoever for a borrower with poor credit.
The only thing a cosigner can do is provide more income in the transaction to make a transaction possible. The primary borrower must still have good credit.
You may or may not be able to find a hard money lender to give you a mortgage. The rate and points will be higher than regular mortgages. Unfortunately, even that option may not be possible.
Thanks for clarifying the matter John! :)