Home Buying in 85029>Question Details

Erika, Other/Just Looking in north east phoenix

I was told I need a cosigner to purchase home in phoenix with short work history i had, but when my dad from texas wanted to mortgage guys said no

Asked by Erika, north east phoenix Sat Nov 28, 2009

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7
It sounds like there might be more that the lender isn't telling you. Many lenders are able to work with a cosigner.
0 votes Thank Flag Link Sun Jul 15, 2012
Hi Erika,

Not all lenders are created equal. This is a no brainer ( Your Dad should be able to co-sign), we do these all the time. However he does need to qualify with all the liabilities/ dwbt he has (rent/ housing payments, car, etc..) but most importantly he needs to have OK credit
(Not necessarily great credit). Contact me if you have questions.
0 votes Thank Flag Link Sun Nov 29, 2009
Hello Erika,

Most real estate agent or REALTORS have mortgage brokers or loan officers they work with. I would suggest to find a REALTOR first that you trust and can work with.

Phyllis JC Anderson, GRI
Liberty One Realty
602-316-0115


By the way, Erika, The Northeast Valley is where I live and work.
0 votes Thank Flag Link Sun Nov 29, 2009
Give Ted a try, he is the miracle mortgage guy

http://www.trulia.com/profile/tedcanto/

Good Luck
Patrick
0 votes Thank Flag Link Sat Nov 28, 2009
Mr.P, Other/Just Looking in Arizona
MVP'08
Hi Erika,
It's hard to answer this question without enough information on the specifics of why they said no. It could be because of his debt to income ratio is too high with this added loan. You need to ask more questions of the lender and find out your different options. It's very hard to get a loan without a 2 year work history.
Good luck

Lorrie Feld, ABR, GRI
Keller Williams Integrity First
480-570-1074
lfeld@azrealtygroup.com
0 votes Thank Flag Link Sat Nov 28, 2009
Hi Erika:

Yes, lending standards are tighter these days.

Are you saying that the lender or Mortgage broker would not accept your father as a co-signer? Did they say why they would not accept him? If not you should ask. There has to be more information as to why he was not accepted.

If you wish to talk to an independent mortgage broker representing different lenders in order to get the best rate and terms. A good mortgage broker should give you other options to get the loan approved. Exampels are down payment amount, co-signer, lower priced home. grant money available from the state of Arizona on foreclosed homes purchased, tax credits for new homeowners or move up buyers and more.

If I can help just let me know.

Jeff Masich, Realtor®
Arizona Homes and Land
http://ArizonaHomesLand.com
480-556-0940
jmasich@usa.com
HomeSmart Real Estate
Web Reference: http://ArizonaHomesLand.com
0 votes Thank Flag Link Sat Nov 28, 2009
You might consider purchasing something with creative financing instead of conventional or FHA.
0 votes Thank Flag Link Sat Nov 28, 2009
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