Asked by Gabriela, Illinois City, IL • Tue Feb 26, 2013
My husband and I want to buy our first home but we tried to get pre-approved and didn't qualify because of our credits.My lowest credit is 570 and my husband lowest is 610,the other two credits are above 640.We have a time share about $5000 in collection and two medical bills for less than $1000 that will be paid off in the next two months.Other than that we are up to date with our payments on credit cards and our debt ratio is about 5 . Between the two of us we made $78 000 last year.I was wondering since we didn't get pre-approved if we could use one of my parents as a co-signer to get an FHA loan.Thank you!
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