Home Buying in 92840>Question Details

miah33333, Home Buyer in Maple Grove, MN

Adding a Co-Signer to a loan.

Asked by miah33333, Maple Grove, MN Sat Aug 4, 2012

I recently took a new job and will be making about 40k/year (credit score of 795). We decided to go home shopping and I was approved for a 90K FHA loan through Discover. The mortgage broker said that adding my wife to the loan weakened it's value (credit score of around 630 and an income of around 16k). My father-in-law offered to co-sign in order to help us get a larger loan. Would adding someone who makes 100,000 with great credit raise my loan amount by 50k? Thanks!

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It only takes a few dozen questions to qualify you for the options you have available to you today. I would be able to add your wife as a strength to the loan and you may not even need a co-signor. You may even qualify to buy with only half percent down with a minimum 580 fico score which can contribute towards your closing costs as well. I can get an approval with as high as 50% backend ratio. You can buy with minimum out of pocket expenses. I can email you listings too. Here are some links to study and consider...

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Sun Feb 10, 2013
Miah, Check out Naval Federal Credit Union. They offer a 100% NO PMI financing.
Hope this is helpful.
Thank you
0 votes Thank Flag Link Wed Jan 23, 2013
Miah-

That will depend on your co-signer's debt-to-income ratio. If your co-signor is carrying a mortgage along with any other debts (credit cards, equity lines of credit, business loans etc.), co-signing to your loan will be added as well. I'm not a loan officer but you should discuss this with one and check it out.

Having a co-signor is not a bad idea. Just depends on the co-signor. Less debt plus income earned equals possible loan opportunity.

Best of luck,
Drew
0 votes Thank Flag Link Wed Jan 23, 2013
We speicalize in Under 640 Fico Score Loans. We would be able to add you wife on with you to qualify for a higher sales price. You will only need a minimum 580 fico score to qualify for CHF Access half percent down payment up to 43% back end ratio with your wifes scores. Get approved on your own and keep your co-signor for backup. Here is a flyer and also loan limits for this program. Let us know if I can help if you haven't funded yet.
http://tinyurl.com/8m558h4 http://tinyurl.com/8lzf8he

http://www.FrankandSheryl.com
http://www.Under640FicoScoreLoans.com
http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Broker – Loan Officer
DRE# 01440252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Fri Sep 21, 2012
Okie dokie, you were either prequalified using the former pay scale or have over $800 a month in other payments, or the real estate taxes in your area are so high you should move here, one of the three or some combination.

If you like your wife, do not let her dad co-sign, tell them your uncle Jim said not to do that. I turn down a parent fairly often because they have co-signed for a kid, not good. Yeah, he offered, she wants the house, etc. I bet he hasn’t done it before.

If pops is so rich it doesn’t matter let him buy the house and finance it for you.

Back to you, have the loan officer use your new pay scale and see what that does. If you have over $800 a month in payments already you shouldn’t be buying a home. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Sat Aug 4, 2012
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