What does your loan officer and your co-signer say? If your loan officer says you can qualify with a co-signer, and the co-signer is agreeable, I don't see what the harm is.

No one can predict the future- the co-signer on this loan is highly at risk if you default, so basically it's up to them.

GREAT QUESTION:

However your scores would be taken inconsideration. Best hold off clear credit IF COMPLETED in correct manner, purchase a home.

Save for a down payment of least 3.5% of purchase price, debt ratio, 2 years employment history, keep paying your bills on time, are factors keep in mind when are able apply for a loan

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

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Everything happens for a reason. Your "perfect" home will be waiting for you when you are ready.

Co signer generally is a bad idea because as you can see now, things happen and you bring the crew down with the captain when the ship sinks.

If it is a short sale, more than likely you have plenty of time; 2 to 9 months. Keep disputing your credit score like you are doing and make sure it is every 30 days. You may be able to hire an expert (not a scammer) and get it cleaned up and get a rapid re-score and see what it is.

There are a few owner financed/lease options here or there that work in your scenario, go to http://www.renonvforeclosure.com for current owner finance updates. Be careful as some of these can have an asterick attached and it is usually the price as they want a premium for carrying it/non bank owned price. Don't go for a wraparound (where there is an existing loan) and if it is a lease option, put todays price not a floating price. Both lease options and owner finance as innocent as they may sound carry some caveats.

Additionally, don't buy into this temporary Sellers market we are in under $250,000. the buyers are going to thin out after the tax credit hype while inventory increases. I am calling for a re-test of the lows this winter so anytime between now and March 15th would be ideal to get something.

There will be another one come up and sometimes even better if this one doesn't work out.

ronbellrealtor.com