Posted on: 22nd Oct, 2009 01:06 pm
We lost our home to foreclosure 2 ys ago in November. We filed for bankruptcy a year ago September. I was wondering if we had a co-signer that has excellent credit (my father in law) but on a limited income 3200.00 month. Would we be able to qualify for a mortgage any time soon. My husband annual is 90,000.00. We were interested in purchasing a home around 180000.00. Any info would greatly help. Thanks
Cosigners and coborrowers do not change your credit scores and your credit.
Mortgage lending takes a look at everyone's credit and whosever credit is worse becomes the controling credit factor. Someone with good credit does not overcome or help someone with credit that is not so good.
The controling factors in your case appear to be a foreclosure two years ago in November and bankruptcy filed one year and a month or so ago.
The normal time for getting a mortgage is 3 years from a foreclosure and two years after bankruptcy and credit restablished.
Your credit scores will need to be 620 or higher.
Mortgage lending takes a look at everyone's credit and whosever credit is worse becomes the controling credit factor. Someone with good credit does not overcome or help someone with credit that is not so good.
The controling factors in your case appear to be a foreclosure two years ago in November and bankruptcy filed one year and a month or so ago.
The normal time for getting a mortgage is 3 years from a foreclosure and two years after bankruptcy and credit restablished.
Your credit scores will need to be 620 or higher.