Home Buying in Colusa>Question Details

Elisa, Home Buyer in Colusa, CA

i have bad credit - is it possible to use a cosigner to buy a house?

Asked by Elisa, Colusa, CA Mon Jul 7, 2008

I am looking for a home in Colusa CA. I have a good work history,, but not much renters credit and I have a repo from about 3 years ago. I have a cosigner with excellent credit, is there any hope?

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5
Elisa,
I am in Arizona, but it applys the same all over. If your credit is too bad, even putting on a co-signer may not
work. You would be better to have your co-signer buy it and you work it out. Of course unless it is a family member, I am sure they would not want to be the only one responsible on the loan.
Again like the other realtor said , talk to a lender and have them check your credit.
Maybe you just need to clean it up for 4-6 months , and then buy on your own.The lender can also help you or connect you with some one to help you how and what to work on to clean up your credit.
Good luck, Judy UBG Phoenix AZ
0 votes Thank Flag Link Wed Aug 25, 2010
Elisa,
Since you show that you're from Colusa, I would suggest talking to a lender in this area. As has already been addressed, of course you can use a cosigner, but your credit is also part of the scenario. I have a few lenders that you can talk with to find the one that "feels" right for you. You can contact me at my office anytime so that I can give your reference numbers and I can see what it is you are looking for.
0 votes Thank Flag Link Wed Aug 25, 2010
Hi Elisa,

Contacting a lender who can help you review your credit rating with available loan programs will help you understand where you stand. In addition a lender will be able to run a scenario with a co-signer. Your credit rating will still come into play, even if there is a cosigner.

I can highly recommend Chris Hudson. He is extremely knowledgeable and thorough. He can help run a couple of scenarios to help you understand what you would are would not be able to purchase. He can be contacted at 925-429-5226 or by email at chris@MyHomeLoanPlan.com

Lisa Cartolano
Alain Pinel Realtors
0 votes Thank Flag Link Tue Jul 8, 2008
Your best bet is to speak with a local lender and let them look over the scenario. I highly recommend Linda Grassi, a mortgage broker in CA......she can be reached at 925-824-4848. She can advise yiou on the best way to proceed.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Mon Jul 7, 2008
Cindi Hagley, Real Estate Pro in Pleasanton, CA
MVP'08
Contact
Your bad credit will still count even if you have a co-signer. You would be better to have the person(s) to buy the property for you. You can pay them direct monthly . You can take the interest writeoff or you can split it with the persons.Depending on your credit you may be able to buy together on FHA financing as they really don't go by the credit score like conventional does for loans. YOur best bet is to contact lender and see, instead of wondering. You do nopt want to miss out on the market and interest rates. FHA has programs with not down or closing costs using Seller's assistance. Feel free to contact me,I have been in real estate for over 20 years, at 602-438-1088 or judyzrealtor1@cox.net
Web Reference: http://www.judyberg.com
0 votes Thank Flag Link Mon Jul 7, 2008
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