Credit Score in Lakewood>Question Details

Tomsteiner, Renter in Lakewood, CO

Can my dad qualify for a co-signature on a FHA Home Loan if his credit score is 615 and he had a "foreclosure started" note on his previous?

Asked by Tomsteiner, Lakewood, CO Tue May 29, 2012

home loan? He has a "foreclosure started" then he was current caught up to date on back in September 2010. He was then current and up to date on his payments. He then sold his home on the open market this past February.

Can he get approved for a loan or co-borrow on a loan? What would his best course of action be to get approve on a future home loan?

I have great credit just not enough to qualify for the loan my self.

Any help is appreciated.

Help the community by answering this question:


Hi Tom, Thanks for the question! Unfortunately your Dad will need to wait 3 years from the date that he brought his previous mortgage current before he will be able to purchase again or co-sign on a new home loan. Please let me know if I can help with any if your real estate needs.
1 vote Thank Flag Link Tue May 29, 2012
I think it is best for you to qualify by yourself. Your Father's situation is unacceptable for mortgage financing.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website

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Trevor Curran
NMLS #40140
0 votes Thank Flag Link Fri Jun 1, 2012
Dear Tom, The mix with your information combined with your fathers would need to be assessed by a very qualified lender. We have the name of one that will be most helpful. We have a team of 3 realtors working the area and have a wealth of experience and would love to work with you as a buyer agent.

Please give us a call to discuss! Beth, Evelyn and Bess at Ralston Creek Properties 720-484-8608
0 votes Thank Flag Link Tue May 29, 2012
There are just a few lenders out there who will do an FHA loan with a 600 credit score. I would contact one of them and give them all the details to see if he will be able to co-sign for you. Let me recommend one that I know of that will be able to help you through this.
Colorado Mortgage Alliance, David Thomas 303-467-7676.
If you haven't already done so, I would also engage a good buyer's agent. to help you with questions like this and who knows how to educate first time home buyers. I am happy to help if you would like. I work the Jefferson County area and have helped many first time buyers navigate the waters. Let me know how I can help.
0 votes Thank Flag Link Tue May 29, 2012
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