Home Buying in Mankato>Question Details

louiseksexton, Home Buyer in Mankato, MN

Is a cosigner something that is always necessary for a home loan? Thanks!

Asked by louiseksexton, Mankato, MN Sat Nov 24, 2012

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7
It is always nice to know that you could have a back up plan if your credit score, employment etc. do not qualify for a loan. I encourage everyone to visit with their lender prior to looking for a property. In that case, you will know if you need a cosigner or not.
0 votes Thank Flag Link Thu Jun 6, 2013
No, a cosigner is rarely needed, and for a lot of loan products cosigners aren't allowed.
0 votes Thank Flag Link Tue Apr 16, 2013
No a "cosigner" is not always necessary. Most loans are given without a cosigner. However, for your situation it depends on your income, debt load, credit score and ability to repay the loan.

There are some great loan programs out there with or without down payment assistance, for first time home buyers and repeat buyers.
0 votes Thank Flag Link Mon Mar 4, 2013
If you can't afford the payments then you should not buy.
0 votes Thank Flag Link Sun Nov 25, 2012
It depends on what the payments are. I do not know what the payments are, but I am meeting with a lender on Tuesday. I am first time home buyer so am just learning about the process. Thanks!
Flag Sun Nov 25, 2012
Depends, do you qualify on your own....for a personalized answer visit with any licensed loan officer...
0 votes Thank Flag Link Sun Nov 25, 2012
That is a great question! It has been my experience that a cosigner is not generally necessary for a home loan. It will depend on your credit score, employment, etc... Take the time before home shopping to meet with a mortgage lender to get pre-approved. They will let you know if you need cosigner on your home purchase or if you can purchase on your own. Enjoy house shopping.
0 votes Thank Flag Link Sun Nov 25, 2012
My credit score is in the mid 700s and I have been at my job for almost 4 years. I have a meeting with a lender on Tuesday, but I just wanted a heads up. It is going to be my first home so I have a lot of questions! Thanks!
Flag Sun Nov 25, 2012
I think it would benefit you to sit down with a mortgage rep and have a discussion - they will fill you in on the process and qualifications needed to obtain your own mortgage - they will also let you know what a co-signer would need to show in order for them to qualify............
0 votes Thank Flag Link Sat Nov 24, 2012
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