Posted on: 19th Mar, 2012 01:45 am
Hi there… My mother wants to buy a property for her retirement. She does not have a high income and she does not have a good credit. I want to help her by co-signing for the loan but my credit score is not so good. I also recently had a foreclosure, about a year ago. So, I need to know if we can get a loan for a property jointly if we put down 25% to 30%.
Hi Salon,
Unless your mother and you have a good income and credit score, lenders won't be ready to give you a mortgage. If your mother wants a co-signer, then that person should have excellent credit and income. Moreover, you have a foreclosure mentioned in your credit report. In such a situation, none of the lenders will be ready to accept you as a co-signer for the loan.
Thanks,
Jerry
Unless your mother and you have a good income and credit score, lenders won't be ready to give you a mortgage. If your mother wants a co-signer, then that person should have excellent credit and income. Moreover, you have a foreclosure mentioned in your credit report. In such a situation, none of the lenders will be ready to accept you as a co-signer for the loan.
Thanks,
Jerry
Hi Salon!
Welcome to forums!
Though you have a down payment of 25% - 30%, you won't be able to qualify for a loan as you don't have a good income and you have foreclosure mentioned in your credit report. As far as your mother is concerned, she has bad credit and low income. This will go against her and she won't qualify for the loan. If you want to improve your credit on your own, you can check out the given page for the same: http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though you have a down payment of 25% - 30%, you won't be able to qualify for a loan as you don't have a good income and you have foreclosure mentioned in your credit report. As far as your mother is concerned, she has bad credit and low income. This will go against her and she won't qualify for the loan. If you want to improve your credit on your own, you can check out the given page for the same: http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
While offering a loan to buy property after retirement, lender will check out the credit score of the borrower. Apart from credit score, other things which are taken into consideration are income and property. With poor credit score and low income, it would indeed be very difficult for your mother to get the required loan. Again, you also have poor credit score. It would be difficult to obtain the loan if you mother keep you as a so-signer, even if she makes 25% to 30% down payment. To obtain the loan, she needs to find a co-signer with better credit.