Can I get approved for a loan if i dont have enough established credit but have a cosigner, our incomes can easily cover all expenses of living and?

Asked by Paul Farris, Saint Petersburg, FL Mon Aug 8, 2011

the mortgage and can also make a down payment

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Alma Kee, Agent, Tampa, FL
Tue Sep 18, 2012
Also try a credit union, they may lend when the typical bank cannot.
0 votes
Terry Bell, Agent, Santa Rosa, CA
Tue Sep 18, 2012
You want to contact a mortgage broker, not a bank, for more flexible types of financing. There are many ways of overcoming credit problems if you have substantial downpayment, good income, relatives, etc. In the meantime, start right now to improve your credit!
0 votes
Alma Kee, Agent, Tampa, FL
Tue Aug 9, 2011
Hi Paul,

I believe (worse case scenario and you need a cosigner) you can buy with an FHA Mortgage with a non-occupant co-borrower. I think their name also needs to be on the title. You can find your prequalification quickly with Amerisave here:

http://www.amerisave.com/myrea/Alma

Here is a very detailed website about Mortgages from a highly respected Ivy League, Wharton School Professor:

http://www.MtgProfessor.com

He also lists "upfront" lenders and Amerisave is one of them. They offer some of the best service, lowest fees and rates.

Also if you are a first time homebuyer and the combined income of buyers is less than about $70k you can get downpayment assistance money from the state of florida.

Hope this helps.

Alma
Alma Rose Kee, PA
Future Home Realty
813.244.9898 http://www.SoldOnTampa.com
0 votes
, ,
Tue Aug 9, 2011
The other and main questions are what is your current credit score and over all credit history. If both are decent and the issue is that you have little to no open and seasoned (12 months or older) credit lines, or credit accounts that recently closed within the last 12 months (Which can be still be used), then you may not even need a co-borrower. So long as you have a decent score (620 or higher) and at least 1 reporting trade line that's 12 months old, you may be good. Also, rental/leasing payments are considered a traditional credit line and can be used if you currently don't have any other open credit lines.
0 votes
, ,
Mon Aug 8, 2011
Hello Paul,

Be advised not every lender will accept a borrower without having traditional credit and a minimum credit score. Although FHA, VA and USDA do make allowances for borrowers like you who have not opened any credit card accounts, auto loans, or personal loans etc. Make sure the lender or broker you choose has a program that allows for no-traditional or alternative credit i.e. auto insurance, rent, and utilities bills. These items can be added to your credit report. Although they will not change your score, it does looks better to an underwriter have these items supplemented on your report.

Best of Luck!
Web Reference:  http://www.AFN-Loans.com
0 votes
Annette Levi…, , New York, NY
Mon Aug 8, 2011
You can use alternative credit to establish how you pay your bills. Speak to a mortgage officer to see if you need a cosigner.
0 votes
Margaret Has…, Agent, Tampa, FL
Mon Aug 8, 2011
Hi Paul - It sounds like you are in a position to get a loan. I have seen it done with co-signers quite often as long as the lender's other criteria are met. If you need help finding a reliable mortgage agent, feel free to give me a call.

Margaret Hassani
Lightning Realty
813-766-1501
zzmarg@gmail.com
http://tampahouse1.com
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