I am looking to get a mortgage with a co-applicant. My credit score is above 720 and the co applicant is 550. Any one know of any lenders?

Asked by Guyer, Pittsburgh, PA Fri Feb 3, 2012

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Jan Schoeneb…, Agent, Pittsburgh, PA
Fri Feb 3, 2012
BEST ANSWER
I would be happy to give you a reference for very qualified, professional lenders who would be able to counsel you on what type of loan would be most appropriate for your situation. Please email me and I will get those contavtds to you.
0 votes
Chad Bahnsen, Mortgage Broker Or Lender, Exton, PA
Sat Feb 11, 2012
Hello,
You'll have to a find a co applicant with a score of at least 640, even if all of the other factors (income, assets, down payment) are in order.
Chad E. Bahnsen- Mortgage Originator, NMLS# 127719
Mortgage Network, Inc.- Corporate NMLS# 2668
14 E. Stratford Ave Ste 3C
Lansdowne, PA 19050
Cell: 610-457-7262
Office: 610 622-2212
Fax: 1-866-590-3806
E-mail: cbahnsen@mortgagenetwork.com
0 votes
Benny Smith, Agent, Pittsburgh, PA
Sat Feb 4, 2012
Dear Guyer

Most lenders will not give this situation much attention. However, while in the Navy I was a Financial Consular. This situation was common with Navy couples. Buy looking at both credit scores and a couple of months time two people working together can get that lower score up without damage to the upper score. Of course there is no fees for me assisting my clients in this way.

If interested, Call me at 412-498-7868

Best of Luck, Benny Smith
0 votes
Doug Caye, Agent, Allison Park, PA
Sat Feb 4, 2012
Get that co applicant off of the loan- No one will look at a 550- lowest possible score that I have ever seen get a loan was a 580 w 20% down.. and that was FHA. your 720 score is great but tho co borrower isnt doing you any favors-
0 votes
Joann Snyder, Agent, Coraopolis, PA
Fri Feb 3, 2012
Call Ken Aiken @ 412-373-1123 or Branden Guilani @ 412-369-5363. They both could help you!
0 votes
Connie Wolff, Agent, Pittsburgh, PA
Fri Feb 3, 2012
You would have the mortgage and the co applicant will be a contributary to the expenses of the partnership. There are mortgage bankers willing to help but it is always dependent on other factors to simply credit score. Please get in touch if you wish to discuss further. Many thanks!
Web Reference:  http://www.soldbyconnie.net
0 votes
Doug Rees, Agent, Moon Township, PA
Fri Feb 3, 2012
I have a very good Mortgage Rep that I work with regularly. Give me a call if you want her information.
0 votes
Blair W. Coh…, Agent, Monroeville, PA
Fri Feb 3, 2012
An FHA with 10% down might work with a credit score at 550. But if you can go it without the lower score it would be much better unless you need the co-buyer for income.
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