Credit score in low 500s - what are my Mortagage financing options? Can a Canadian citizen co-sign/apply for a mortgage to assist me in the purchase?

Asked by Bob S, Michigan Wed Jan 25, 2012

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Haig Istamboulian’s answer
Haig Istambo…, Agent, Rochester, MI
Wed Jan 25, 2012
Hello Bob,

With a low 500's credit score you are not going to qualify for financing other than private assistance (Land Contract or maybe a Hard Money Loan). Maybe you can work on getting your credit scores up before applying for a mortgage. There are people who can help you do that.

Co-signing by a Canadian citizen. Does this person have a home or a job in the states? Since the lender will not haveany recourse in case of default, most likely the answer will be no. Unless of course they work in the states and have a residence in the states.

You should talk to a lender and get that person all of the details so they can guide you in the right direction.

Thanks and Good Luck!

Elias Realty
(248) 379-6547
1 vote
Kristina Seth, Agent, Clarkston, MI
Mon Oct 28, 2013
I would definitely see if you could do a lease with option to buy, land contract or hard money loan. With a bit of work you can get your score up quickly if you have some time, try checking with a credit counselor to see what can be done.
0 votes
Hardmoneymi, , Huntington Woods, MI
Sat Apr 28, 2012
You can qualify without the co-signer even if your credit scores are in the low 500's using a hard money lender. We are a Michigan licensed lender, specializing in private hard money with non-conforming guidelines. The property must be located in Oakland, Wayne or Macomb counties. Our loans are based on the appraised value not the purchase price and we can also lend for repairs and the rehab of distressed houses. For more information please visit or website at, or our facebook page, also our informational videos on Youtube, search "hardmoneymi".

Trent Dalrymple
Director of Investor Relations
Metro Mortgage Investments
(248) 547-3006
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0 votes
Annette Levi…, , New York, NY
Wed Jan 25, 2012
Go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them and when your score is 640+ you can think of buying.
0 votes
, ,
Wed Jan 25, 2012
Your only option is hard money where you will be putting down 45% and financing 55% of the purchase price.
0 votes
Andrea Kurzy…, Agent, Novi, MI
Wed Jan 25, 2012
Hi Bob,

Feel free to give Steven Stork with Summit Funding a call. He should be able to answer your questions. His number is 248-755-3701.

Have a great day!!

Thanks so much,

Andrea Kurzynski
Keller Williams Realty
2900 Union Lake Rd, Ste 210
Commerce Twp, MI 48382
248-406-2908 (Direct)
0 votes
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