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.
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
By the way, Erika, The Northeast Valley is where I live and work.
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.
Lorrie Feld, ABR, GRI
Keller Williams Integrity First
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, RealtorÂ®
Arizona Homes and Land
HomeSmart Real Estate