Home Buying in Atlanta>Question Details

Cm, Home Seller in Atlanta, GA

hello. my husband has a 660 credit score. we are looking to buy at 500K house and renovate - we have co-signers. is this an option?

Asked by Cm, Atlanta, GA Thu Aug 8, 2013

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Keith Lewis’ answer
This is obviously an older post so I hope you have already gotten your question answered, but ultimately yes there could be financing available.
You can't always use a co-signers income to qualify for a mortgage. They will allow you to add one, but if you can't use their income you are just adding more liabilities.
You would be required to bring enough money to get the loan down to a $417K loan conforming limit.
Give me a call if you still need help.

Keith Lewis
Cornerstone Mortgage Group
0 votes Thank Flag Link Tue Nov 12, 2013
Yes! Some lenders approve conventional loans with a 620 credit score. A good site to go to get connected with a reputable lender that offer loans like The Lenders Network. They specialize in referring borrowers to lenders that can do loans that are difficult or impossible for most lenders.

Good luck!
1 vote Thank Flag Link Tue Nov 12, 2013
We finance all types of loan programs at a simplified interest rate of 4%. Please contact us today for your requested loan amount.

Email #: brooks.fncss@live.com
Tel #: (724) 318-5092

{Only serious inquiries}
0 votes Thank Flag Link Tue Nov 12, 2013
CM, Where in Atlanta are you looking to buy a home? I'm a Realtor with Muffley & Associates and specialize in the great Intown Neighborhoods of Virginia Highland, Ponce Highland, Old Fourth Ward, Candler Park, Cabbagetown, Reynoldstown, Glenwood Park, East Atlanta, and Grant Park! I'm sure you've heard about the Atlanta Beltline. The Eastside Trail has been a huge success and is a great walking park to take a stroll or enjoy a bike ride. Piedmont Park is the true heart of Atlanta….our very own version of NYC's "Central Park". The Old Fourth Ward Historic Park is a multi-million dollar project that has won many awards for design and build. The coming Ponce City Market is being designed and built by Jamestown Properties (the company who built Chelsea Market in NYC), so it will be the "Chelsea Market of the South"! The Southeastern Trail for the Beltline will be finished in 2 years as well. All these items are just a few things that make Intown living so exciting and vibrant!

There are great homes in all these neighborhoods that can be purchased for $300-400k….leaving ample room for a wonderful renovation! My company also has The Dream Home program where (depending on your budget), we will build you a new custom home in the neighborhood of your choice! Call me anytime to talk about some great choices that I can make available to you!

Johnny Gonzales, REALTOR
Muffley & Associates Real Estate
0 votes Thank Flag Link Thu Nov 7, 2013
There are defintely loans out there for you.....However, the best loan will depend upon the amount of your down payment and whether you will have enough funds afterwards to renovate the home. Find a Realtor in your area who can help you with the process as well as speaking with a couple different lenders.
0 votes Thank Flag Link Wed Nov 6, 2013
There are definitely loans out there for you..... However, what's the best loan for you will also depend upon your down payment and if you have the funds afterwards to renovate the home. Find a Realtor in your area who can help you with the process as well as speaking with a few different lenders.
0 votes Thank Flag Link Wed Nov 6, 2013
Yes it is definitely an option, you will need to go conventional most likely.. A co-signer will not help unless you need the additional income.. I know lenders that can do conventional loans with just a 620 score.
0 votes Thank Flag Link Wed Nov 6, 2013

0 votes Thank Flag Link Sun Nov 3, 2013

0 votes Thank Flag Link Sun Nov 3, 2013
Am Mrs Laura, i got my loan of $30,000 from a loan lender called Mr Sam Cole. So if you are in need of a loan to buy a home, i will advise you to contact Mr Sam Cole on his email address; samcoleloancompany@yahoo.com
0 votes Thank Flag Link Mon Aug 19, 2013
Hi CM,
Have you signed with a buyer's agent? I am an employee of Redfin and also currently looking for a property. You may want to consider using Redfin's services. Not only are we fully transparent in our dealings and can recommend lenders who may be able to help you with financing but also we have a website that updates its properties multiple times daily from the Multiple Listing Service which means in most cases unlike Zillow and Trulia if the property is available on Redfin's site you can actually go see it.
I do not know if you have a particular home in mind, but I know from personal experience that when I used zillow to tell my agent what I wanted to see I would give her a list of 8 and only 1 was available. This up to the minute updating is what actually swayed me to come work for Redfin. Below is some information about the site. Good luck in your purchase!

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0 votes Thank Flag Link Mon Aug 19, 2013
Having a co-signer may help but both you and your co-signer still are obligated to be perceived as a solid financial risk.
0 votes Thank Flag Link Sun Aug 18, 2013
Based on the limited information that you have given, financing will be difficult for you for a variety of reasons.

- The maximum loan amount in Metro Atlanta for the FHA 203(k) Renovation mortgage is $346,250. It will require a 3.5% minimum down payment and a 640+ minimum credit score.
- The maximum loan amount in Metro Atlanta for the Fannie Mae HomeStyle Renovation mortgage is $417,000. It will require a 5% minimum down payment and a 660+ minimum credit score.
- Fannie Mae loans, such as the HomeStyle program, do not allow Co-Signers who will not be occupying the home to be used for additional qualifying income.

A $500K sales price seems to be a stretch for you based on your current credit score.

As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Sun Aug 18, 2013
always an option. I have an outlet for a 95% LTV with the 5% down being a gift with a 660 score - no money of your own in the transaction. give me a call and we can discuss your options. 678-644-9912
0 votes Thank Flag Link Tue Aug 13, 2013

That is definitely an option. Keep in mind, the co-signers credit score also has to be above the minimum requirements for the loan product.

I would appreciate the opportunity to help you all any way that I can. Brand Bank has been around Georgia since 1905 and is the 4th largest lender in the state.

Feel free to contact me anytime if I can help in any way.


George Cohen
Mortgage Banker
Brand Mortgage Group
NMLS 1078450
0 votes Thank Flag Link Mon Aug 12, 2013
That can work! Give me a call asap to move forward with your home purchase. 4046268567
Web Reference: http://www.bjarealty.com
0 votes Thank Flag Link Sun Aug 11, 2013
Work with a broker or a company that has multiple loan products and lenders. I would recommend The Lenders Network they can go over your options...
0 votes Thank Flag Link Fri Aug 9, 2013
Yes, CM, it can be done: buying a $500k home to renovate. If the co-signor/co-borrower is going to be the highest income source/earner, and they will not be occupying the home, too- then this will likely end up being an investor loan. call me for details.

Best Wishes,


Steve Kaufman
Capital City Property Services

Office: 770-246-0103
Cell: 770-597-2066
Direct Fax: 770-446-8776
email: capitalcitymgt@gmail.com
0 votes Thank Flag Link Thu Aug 8, 2013
Are you looking at a specific house...or are you willing to house shop a bit? If the purchase price were a bit lower (and you might find something that doesn't need many renovations), it would probably make you eligible for more loans once your credit score is improved. Contact a good loan officer and fully discuss with him/her what your options may be. You should wait until you've been able to discuss your personal situation before starting your search if you're willing to shop for a house. Purchasing a house is a team effort, and it starts with finding a lender. If you don't feel you get good answers from a lender, choose another and maybe even another. Find out why your credit score is low and immediately start to remediate your problem areas. A good lender will be able to make the necessary suggestions, but only you can turn things around. There are silly (at least to me) stipulations affecting a credit score that aren't publicly known, but a reputable, experienced lender can clue you in on some of them. The 660 isn't a horrible score that would take years to improve. Just find out what you're doing incorrectly creditwise and get that score up.
0 votes Thank Flag Link Thu Aug 8, 2013
You need to speak with an EXCELLENT 1st mortgage loan officer If you need a referral give me a call
0 votes Thank Flag Link Thu Aug 8, 2013
Will depend upon the lender & the credit worthiness of the co-signers. But...not sure co-signing will work but it's worth a try. I would suggest the other party buy the home, then you do a lease purchase.
0 votes Thank Flag Link Thu Aug 8, 2013
Good morning. At that credit score you will face challenges if you need a loan amount above $417,000 which is the cutoff for conventional conforming financing in the Atlanta MSA.

If however you can keep your loan amount at or below $417k then you could be eligible for the Homestyle renovation loan. This loan would let you borrow up to 95% for the purchase and renovation of a home.

I hope this helps.
0 votes Thank Flag Link Thu Aug 8, 2013
It's possible to buy if you have 20% to put down, you will not be able to qualify for mortgage insurance with less than a 680 score which would be a loan requirement with less than 20% down. The loan balance almost certainly would have to be less than $417k as Jumbo loans will require at least a 680 or better. Also you mentioned renovations which makes me think that you will want to buy for around $500k and then borrow money to renovate the home further. I have several loan products that can help you do this but again 680 is going to be a significant threshold. You really need to work to increase credit score so you have good options to choose from. If you like I can run a credit analysis on your husband and show you exactly what you need to do to get the necessary improvements and once this has been completed I can have you rescored in about a week. Feel free to give me a call for more information.


Chris Irvin
Mortgage Banker
Brand Mortgage
NMLS # 75615/465546
0 votes Thank Flag Link Thu Aug 8, 2013
Absolutely! You should definitely speak with a Loan Officer. It's wise to let a lender review all necessary documents for your husband and anyone else going on the loan, and pre-approve you before you start shopping for a house.

Will you have the opportunity to perhaps lower balances on some of your husbands cards so that your credit score improves and you guys end up with a better rate? Will you do best with a conventional loan or FHA or even a 203(k) rehab loan? What are the rates? Payments? Closing costs and expenses? Turn time to close a loan? Etc.

You have everything to gain by speaking with a Loan Officer. Get yourself pre-approved and get answers to all your questions and learn what your best options are. I can tell you exactly what documents you would need to send and assist you with this. I'll walk you through the entire process and address pretty much everything I've mentioned here. If you need a reliable Loan Officer, feel free to call or email me anytime. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Thu Aug 8, 2013
CM, You will have options to buy, but with a 660 score you will be paying a higher rate than if you had a 720 or above score. The question to consider is why you have a 660 score and what can you do about it. It may be you have late pays going 12 months with on time payments will raise your score, challenging some of those items may result in their being dropped. It may be your credit utilization is to high, paying down those items will raise your score. If credit utilization is high taking on 500K plus 200K in renovation will lower your scores potentially increasing your costs of new borrowing on everything else. Ultimately with a 660 score you will be paying substantially more to borrow but you may have the income to do so and still have disposable income. It's a personal choice.

0 votes Thank Flag Link Thu Aug 8, 2013
Unfortunately our programs requires a 680 score. When did your husband's scores last checked and was credit report pulled by a mortgage company, and were all three scores pulled? Depending on the individulal circumstances a re-score might be an option. Co-signers probably would not help for the programs we offer. The FHA program would work with the score, but the top loan for a single family property in the Atlanta area is $346,250. We do not handle this program but other lenders on the Trulia site do, and have more accurate information regarding FHA.

Thank you for your intrest!
Nick Nicholas
SunTrust Mortgage
0 votes Thank Flag Link Thu Aug 8, 2013
Good morning! There are always possible options available to you with regards to getting into a good loan. I work with a great Senior Loan Officer who has plans that just flat out beat many lenders and banks (big and small). As for buying into a $500k home and renovating, please keep in mind that quality and insured contractors will run you anywhere from $175-225 p/sq ft to renovate. My company specializes in building Custom Homes in the neighborhood of your choice, through our in-house Dream Home Program! Many families believe that custom homes are for the wealthy families of Buckhead, Morningside, and Ansley Park....not the case at all! Think of it like buying a car....if you had a choice, would you buy a new 2013 BMW, or an old/used one? On average, our Dream Home Program clients have had their homes appraise for $25k - $100k after completion, when the final appraisal was done. That's INSTANT EQUITY that you walk into!

Call or write me today so that I can talk to you about specifics regarding our Dream Home Program!

Johnny Gonzales, REALTOR, ABR
Muffley & Associates Real Estate
0 votes Thank Flag Link Thu Aug 8, 2013
This is really a question for a mortgage lender and I can recommend several. When shopping for a lender here are a few guidelines to follow

1. What is the interest rate on this mortgage?
To determine exactly what you'll pay over the term of the loan, you need to know the rate. Rates change quickly, and if your credit is less than perfect, you may not be offered the lender's lowest figure.

To effectively compare different lenders' programs, ask for the annual percentage rate (APR) of the mortgage interest, which is generally higher than the initial quoted rate because it includes some fees. But beware: the APR found in advertisements can be misleading. Mortgage lenders don't always include all the fees they charge in the calculation that determines APR, so customers who use that figure to shop rather than an itemized breakdown of rates, points and fees may end up comparing apples to oranges.

2. How many discount and origination points will I pay?
Lenders may charge prepaid mortgage interest points to lower your interest rate or other points that have no benefit to you at all. Find out how many you'll be expected to pay and which kind of points they will be.

3. What are the closing costs?
Mortgages come with fees for various services provided by lenders and other parties involved in the transaction. You want to know what those fees will be as early as possible. Lenders are required to provide a written good-faith estimate of closing costs within three days of receiving a loan application.

4. When can I lock the interest rate, and what will it cost me to do so?
Your interest rate might fluctuate between the time you apply and closing. To prevent it from going up, you may want to lock the rate, and even points, for a specified period. Ask your lender if lock fees apply. Also, find out what the experts are expecting rates to do: read the Rate Trend Index.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
0 votes Thank Flag Link Thu Aug 8, 2013
Have you spoken to a lender about financing?
Do you have the funds needed for down payment? Earnest Money? Home Inspection?
Do you have the income qualifications for a 500k house?
Lots of things factor into being approved for a home loan.

I would welcome the opportunity to sit down and help you find your next home.

Feel free to call me anytime.

Robert Taylor
Morris and Raper
0 votes Thank Flag Link Thu Aug 8, 2013
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