Trulia Voices—48430

Top Voices      Member Search BETA      Create a profile

Ask a question

Browse

Search

e.g.: "San Francisco, CA"
e.g.: "Parks" or "Schools"

Email me when:

RSS
 
Share this: 
  • del.icio.us
  • Digg
  • Reddit
  • StumbleUpon
  • NewsVine
 

Is there a rural loan or FHA loan available if I have bad credit but my cosigner has great credit?

Wed May 21 2008, 08:02 - 48430 - Home Buying - 5 answers
 
Useful
(0)
 
 
Not useful
(0)
 
  report get email alerts email a friend
 
Betsy Good
Home Buyer
in Fenton
Betsy Good, Home Buyer in Fenton in Fenton
Answers (5)
Show me:  Recent Answers     Oldest Answers     Highest Rated  
 
Pam Winterba… was FIRST TO ANSWER
If you have a co signer you may be able to do a conventional loan as well.

Thu May 22 2008, 08:51
Web Reference: http://getprequalified.com
 
Useful
(0)
 
 
Not useful
(0)
 
 
report
 
Betsy, Rural loan is true 100% program. This loan requires that you have a 620 mid credit score. You would still need to have this score even if you had someone with a better to credit score. F.H.A requires that you have a mid 580 credit score. Other loan officers will tell you that you can get approved with a lower score than that, but the investor has the overall say on weather or not they want the liability. If your co-signer has a better score than you, it will do nothing but strenghten your loan! Have a great day!

Wed May 21 2008, 11:15
 
Useful
(0)
 
 
Not useful
(0)
 
 
report
 
Betsy, There are several The Michigan Group agents that work in your area. If you complete the form below I will submit your information to local lenders. Most will not charge a pre-approval fee.

http://www.mi-living.com/index.cfm?contentpage=approval.cfm

You will receive no spam and your information will not be sent to a local real estate agent without your permission.

Wed May 21 2008, 10:10
Web Reference: http://mi-living.com
 
Useful
(0)
 
 
Not useful
(0)
 
 
report
 
Betsy, I agree with Pam. This is a question for a reputable lender in your area. If your credit is that bad it you might not be able to be a co-borrower. Some loans like FHA and Rural Development are for owner occupied homes so I am not sure how they would treat your co-borrower if they went on the loan with you. I am sure a Realtor familiar with your area can suggest a reputable lender for you to contact in regards to financing questions. Good luck!

Wed May 21 2008, 09:15
Web Reference: http://www.buyorsellwithsonya.com
 
Useful
(0)
 
 
Not useful
(0)
 
 
report
 
FIRST ANSWER
Betsy....

FHA will loan to individuals with lower credit scores. When you say you have bad credit I am not sure what you mean....bankruptcy, charge off's, collections etc. They will allow a co-borrowor not a co-signer. Check with you mortgage broker to see what the possibilities are as it is difficult to provide you with accurate information not fully aware of the situation, credit scores and reports. Good luck.

Wed May 21 2008, 08:14
 
Useful
(0)
 
 
Not useful
(0)
 
 
report
 
[+] Save this question Send this question to a friend
Permalink: http://www.trulia.com/voices/Home_Buying/Is_there_a_rural_loan_or_FHA_loan_available_if_I_h-37114--recent

Check out more Home Buying questions in 48430...

Charlie & Cr…, Real Estate Pro in Roseville
where do you file a complaint against a oakland county realtor that her and another individual are have a?
Answered Thu May 8 2008, 19:07 by Charlie & Crystal … in 48430
Read all 3 answers
View more Home Buying questions and answers in 48430 >>