Home Buying in Molino>Question Details

Tigger, Home Buyer in Molino, FL

I don't have good credit what woulld be my chance of getting a home if I have a cosigner with better credit to sign with me

Asked by Tigger, Molino, FL Sun Mar 11, 2012

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Have you checked into FHA choice loans? They will do credit scores down to 500. Here's some of the criteria:

You must attend a Hud Homeownership class
Verifiable 12 month rental history
2 month's payment's in reserves
3.5% down
Minimum of 12 months in the same line of work, and 6 months for the co-borrower
0 votes Thank Flag Link Sun Jan 6, 2013
The main purpose of having a co-signer is to bolster a borrower's income in order to qualify. Yes having a co-signer with good credit looks better, but you having bad credit won't be solved merely by adding a co-borrower. Take some advise, work on your credit. I promise you it's not nearly as hard as people think. See the link below, it just might make the difference.

Best of Luck!
0 votes Thank Flag Link Sun Mar 11, 2012
If you have a co-signer that should help you as long as their credit and everything else is good. Talk to some lenders that you may want to use and see what they can do for you.
0 votes Thank Flag Link Sun Mar 11, 2012
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