Property Q&A in Luck>Question Details

bhacken1220, Home Buyer in Luck, WI

We would be first time home buyers, but have really bad credit,

Asked by bhacken1220, Luck, WI Tue Sep 18, 2012

if we put 10-20% down and had a cosigner would we still get turned down for a loan on a 25000-40000 home loan?

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Linda has a good answer below, but perhaps one of you has good enough credit to make it work by buying in just the "good" name.
0 votes Thank Flag Link Tue Sep 18, 2012
This is not enough information for anyone to answer this question here. What I can tell you is there is always hope. You need to meet with a qualified lender, preferably someone who specializes in first-time home buyers. There are many options out there and different ways to get to the end you are seeking. For instance, depending on what caused your bad credit in the first place, it may or may not be an easy fix. I have personally worked with individuals who started out with very bad credit but were able to secure financing in 6 months to a year, sometimes less. And I have also seen individuals get a home with a co-signer, but much depends on their credit, debt to income ratio, how long at their employment and so on.

Good luck to you.
0 votes Thank Flag Link Tue Sep 18, 2012
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