Home Buying in Los Angeles>Question Details

Zuli, Other/Just Looking in Los Angeles, CA

Can I be asked to get a cosigner 6 days before closing date?

Asked by Zuli, Los Angeles, CA Wed Aug 6, 2014

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8
Zuli,
There is no final commitment to lend until there is. Lenders have the money you want and generally write the rules you must follow to get it. Before I start looking for a co-signer however, I'd like to know what changed from the initial pre-approval to this conditional one? Have they changed your income, assets or credit scores since your initial application? If so why and are they correct? Sometimes a clerical error inputting something can create havoc in a file. Sometimes the way you calculated your income is different from the way they did. Once you know the reason they are asking you can either propose an alternative solution or be confident you did what you could.
Best of luck and if you don't mind, come back and let us know how things turned out.
1 vote Thank Flag Link Wed Aug 6, 2014
It sounds like your lender let you down. You should have known you needed that a lot sooner. If you have not taken care of this please let me know. But the answer is all things are negotiable.
0 votes Thank Flag Link Tue Sep 23, 2014
Yes that can happen if suddenly, income is needed to qualify for your loan. It is not wise to buy a new car or make any large purchases while in the process of purchasing a house.
0 votes Thank Flag Link Thu Aug 7, 2014
Yes they can ask, but why is one needed? The only rational reason would be to add income.

This statement; is untrue:
" This should have come up long ago and the only acceptable reason it did not is because you did something in the past few weeks that either lowered your credit score or your income dropped etc."

It's not uncommon to get results of a 4506T back just before closing and there are things in those results that can dramatically change income. If this is the case, I hope you are doing an FHA mortgage or a Freddie Mac mortgage, because if it's Fannie Mae you have more problems than you think. Ask your loan officer the reason for the co-signer and how it affects your qualification.
0 votes Thank Flag Link Wed Aug 6, 2014
Unfortunately yes.Note this reflects extremely poorly on your loan officer and the bank/lender they work for. This should have come up long ago and the only acceptable reason it did not is because you did something in the past few weeks that either lowered your credit score or your income dropped etc.

If you're working with one of the big banks (BoA, Wells Fargo, Suntrust etc,) the chances of your successfully closing with them are 1 in 3 at best. Working with a big bank for a mortgage over the past 5 years is an exercise in futility, they cannot get it done

I empathize with your position and hope things work out for you.
0 votes Thank Flag Link Wed Aug 6, 2014
If the lender asked you then you can be asked. My question to them would be 'why now?' In my experience, when a co-signer is needed, you know that up front...
0 votes Thank Flag Link Wed Aug 6, 2014
Yes, if you are told to get a cosigner it means that you can't qualify on your own. Loan is denied unless you can find someone willing to help you.


Don't Let The Make a Monkey Out of You! Follow the link below.


Alysse Musgrave
Consumer Advocate
Exclusive Buyer's Broker
HelpUBuyAmerica.com
0 votes Thank Flag Link Wed Aug 6, 2014
That will be up to the lender. They may or may not need more time but it's not out of the realm of possibility.
0 votes Thank Flag Link Wed Aug 6, 2014
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