Home Buying in Goldsboro>Question Details

Shantelle39, Renter in Goldsboro, NC

I am a single mother making $36k in nc in buying her first home. I know your credit has to be a 620 for some FHA but mines is in the 500 range.

Asked by Shantelle39, Goldsboro, NC Fri Mar 23, 2012

I am interested in an FHA loan. I understand you need a 620 and 3.5% down...my parents have something like a 750 credit score and have owned 4 homes...would I be able to have them co-sign without adding them to the mortgage? If I added them to the mortgage, would that not qualify me for 1st-time home buyer credits/ or FHA?

Help the community by answering this question:

Answers

3
Getting with a knowledgeable loan broker will give you the best answers you can get. If your credit needs improvement the loan broker should be able to direct you. If you need more advise than the broker has, get with a reputable credit repair agency. If you do not have one in your area, Credit Rescue Now in Albuquerque does a good job. I think they can help even in your state.
0 votes Thank Flag Link Wed May 16, 2012
I would definitely rethink if you are even financially able to buy a home; especially if you have to have your parents co-sign for you. Instead, how about considering renting for awhile so you can save up the money for a nice down payment on a home, and work on your credit score at the same time by paying off your exsisting debts? Also consider the burden that going into a co-signing arrangement agreement would add to your relationship between you and your parents...is being in debt together with them really worth the extra stress? Save your money, pay your bills and take your time in buying; when you're financially ready to buy, your new home will be more of a blessing than a curse! Good luck!!
0 votes Thank Flag Link Wed May 16, 2012
Call a Mortgage Broker and sit down with them and work out a plan to get your credit to the 600's. All of you would be on the mortgage if they co-signed and my understanding from our broker was, they would have to use the lowest score. I am in a very similar situation to yours and with the help of my broker I should be able to buy in approx. 6 more months. (It has already been 6) They can look at your credit and tell you EXACTLY what needs to happen to get your score up and get you a mortgage. Good Luck!
0 votes Thank Flag Link Wed Mar 28, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer