Home Buying in Ozark>Question Details

Jsmedley, Home Buyer in Ozark, AL

I meant if your credit is not good can you use a co-signer with a good down payment

Asked by Jsmedley, Ozark, AL Wed Feb 8, 2012

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Co-signing used to be a way to get folks with less than stellar credit into a buying situation. No one seems to want them any longer. A way around might be for your co-signor to be on the mortgage.
1 vote Thank Flag Link Wed Feb 8, 2012
I'm glad you finally found someone to give you the answer you wanted to your question, even though it's the wrong one.

This...

"A way around might be for your co-signor to be on the mortgage."

...makes no sense!

A co-signer; more accurately referred to a non-occupant co-borrower, would always be on the mortgage and them being on it still would not negate your bad credit.
1 vote Thank Flag Link Wed Feb 8, 2012
Sure. That maybe what you need to do.
1 vote Thank Flag Link Wed Feb 8, 2012
You cannot use a co-signer to offest bad credit. Each borrower has their 3 scores ranked indiviually. Once that representative score is determined, the lower of those scores from each borrower is then used. Prospect Mortgage is one of the few companies to offer an FHA 580-639 FICO program.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Wed Feb 8, 2012
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