Working on your credit score will take some time..good thing is - you are on your way. If you have a co-signer the lenders will look at both credit scores. Your best bet is to speak to a good lender and explore all your options. If you need help please let me know, I work with local lenders that will give you the most up to date information on your financing needs.
Let me know if i can help...
Someone else mentioned it but co-signer doesn't really apply. It would be termed non occupant co borrower. If you have someone else buy the home for you if they live around you they will be required to put 20% as an investment property. If they live in another state they can buy it as a second home but I have to caution you that in my opinion this is mortgage fraud. I caution you not to do ANYTHING the least bit out of line and if someone asks you to do anything like this, walk away. My best advice stands, get the score, fuund out how to fix it and get to work fixing. If you need help on this let me know.
What are your scores now? Do you have any credit card balances that can be paid down? As I mentioned, paying down credit cards typically have the most impact on your scores. There are 2 thresholds where you will see improvement. When you pay your balance down to 50% or below of what your credit limit you will see some improvement to your scores. You will see the greatest improvement when you pay your balance just below 30%, In fact you will see a better improvement just below 30% than you would then paying off the account completely.
Now when you pay these accounts down, it can take 30 to 45 days for it to reflect on your credit scores/report. If you are in a hurry to get pre-approved then we have the ability to get this done for you in just a few days. If you would like more details please feel free to contact me at your convenience.
Elliott R. Oliva
Envoy Mortgage, LTD.
"Se habla Espanol"
Have you considered having the co-signer purchase home on your behalf you make all the payments , tax, insurance and etc. Till your scores improve then purchase the home
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
You are asking a friend of a loved on to compromise their credit rating for you. If you link your poor credit rating with someone who has better credit then their credit is going to have a drag on their score because of you.
Why would you want to do this to a loved one?
Why not start with the basics? I know it is boring and takes time but moving forward you will have a better financial life.
First you start with credit repair and paying down your debts. Then you have access to good mortgage products. Keep in mind even with poor credit you can access bank financing but the mortgage products are not great products, they have high fees because you are considered a credit risk.
Mortgage products get really exciting when your score is above the 749 credit score threshold.
After you get your credit in good standing you select a mortgage product that meets your needs and is a good product for the type of home you wish to buy.
After the mortgage selection you then go shopping for a home.
Hannah Fliegel, FICO Pro
The first step is to determine the mid score for the purposes of getting a mortgage. We use a different scoring model than auto loans or the "free" credit scores you see online. Don't let alot of people pull the score though. If you email me I can send you some information on the credit scores and how they work along with numbers. I have been featured in the Washington Times and DC examiner on ways to improve your credit score. Here is the link http://www.examiner.com/residential-real-estate-in-national/
Take a look at that and let me know how I can help you get that score up so you have some choices in your loan. And let me know if you are a first time homebuyer I may have something else good that you can use to help.
obtain all 3 scores from the credit bureaus. From those scores, the lender will select the middle score. If this middle score is below the minimum required, you will not qualify for that type of loan program. If there isn't another loan program that you will be able to qualify for, then your score can't be used at all, with or without a co-borrower. You will either have to get your scores higher or have another person purchase the home in their name. You can add your name on the deed after the home is purchased.