My credit score is not up to the standard 620. My father suggested that he would "co sign"the loan. Is there such a thing for mortgages?

Asked by BobbyR, 62832 Mon Oct 31, 2011

Would his age be a factor? He's 70yrs young with perfect credit. Again I ask, Is there such a thing as a co-sign mortgage loan.How can we make this work?

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3
Annette Levi…, , New York, NY
Mon Oct 31, 2011
BobbyR,
You need to get your credit scores up. Go to your local nonprofit housing group for credit counseling. They will tell you what you need to do to get your scores up so you can buy a home.
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Tracy Jenkins, , Bucks County, PA
Mon Oct 31, 2011
Hi Bobby , there is such a thing as co-signing, but it is due to lack of income not credit score. There maybe options for you though. To answer the question fully I really need to know the whole scenario, it wouldnt be a responsible thing to answer with limited knowledge of the situation. I'd be happy to discuss it further with you. Give me a call at 215-990-4939. Talk to you soon! Thanks! Tracy
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Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Mon Oct 31, 2011
Hello Bobby,

There is such a thing as a cosigner. However with sub par credit you cannot sign for a loan and have someone be on the loan who has good credit. Everybody on the loan has to have the credit score prescribed by the lender. That being said I can do below 620 credit scores so maybe you don't need a cosigner. Lets discuss your situation to see what you really need.

Best Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa
267 992 7276
VOTED BEST OF BUCKS 2010
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