Posted on: 11th Jun, 2009 04:38 pm
The lender I am going thru says I need a co-signer for a manufactured home loan of $20000 because I do not have enough credit established. I have had credit cards for the past 3 years and my credit score is over 700. Do you have any recommendations?
Hi abbiecadin,
If you say your credit score is over 700 and you have had credit cards for the past 3 years, you should have enough credit established to qualify for a loan. In that case, if your income is good you should be able to qualify on your own without the help of a co-signer.
If the lender you are currently going through is unable to give you a loan, you should look for some other lenders. There are lenders in this community as well, from whom you may seek a no-obligation free mortgage quote. The community lenders check your credit score, your income etc. If you qualify, they offer you free mortgage quotes. If you think they are offering you a good deal, you can go for it. Otherwise, you can look for other lenders. As a borrower you are free to choose any lender of your choice.
If you say your credit score is over 700 and you have had credit cards for the past 3 years, you should have enough credit established to qualify for a loan. In that case, if your income is good you should be able to qualify on your own without the help of a co-signer.
If the lender you are currently going through is unable to give you a loan, you should look for some other lenders. There are lenders in this community as well, from whom you may seek a no-obligation free mortgage quote. The community lenders check your credit score, your income etc. If you qualify, they offer you free mortgage quotes. If you think they are offering you a good deal, you can go for it. Otherwise, you can look for other lenders. As a borrower you are free to choose any lender of your choice.
Your credir score as you said is 700.
Its enough to get loan.
Even you have no need of co-signer
Its enough to get loan.
Even you have no need of co-signer
Why you are searching for cosigner?
any specific reason.........
any specific reason.........
A 700 is a good score but if your credit profile includes only one trade line greater then 24 months some lenders might find that credit profile a bit risky. Now if you have several more then 24 months you obviously have established some good credit and that should not be a factor. They might have some other hesitation about approving the loan, if they are asking for a co-signor its most likely income they want to add. I would get someone else to check it out first before you do something you don't want to
