Financing in 30559>Question Details

puppyjoe, Home Buyer in Mineral Bluff, GA

if my credit isn't the best can you have a co signer I am very interested in 103 Wade Rd. My husband died 4 mths ago, and I need to have my own home

Asked by puppyjoe, Mineral Bluff, GA Sat Aug 17, 2013

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Bill Polack’s answer
I'm sorry for your loss. I'm hoping your husband left you some money from life insurance. If he did, DO NOT use it for buying a house. Keep that to live on.

When buying a house, a co-signer is only used for increasing your ability to borrow more money or to have assets for down payment. It will not help you to buy a house if your credit is bad. You have to qualify on your own.

I would recommend a lease purchase to give yourself time to fix up your credit. This allows you to lock in your sales price now in case prices go up (if Obamacare goes into effect, housing prices will drop due to unemployment from closed businesses unable to pay for health coverage).

Other options may include private money, though the rate is twice as high and it costs more out of pocket.

Good luck!

Bill Polack
404-644-3295
0 votes Thank Flag Link Mon Aug 19, 2013
thank you
Flag Mon Aug 19, 2013
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