My daughter has bad credit. Can she by a home on her own or would I have to cosign . I would rather she did it on her own. She has a good job

Asked by Vicki, Dallas, TX Fri Feb 17, 2012

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36
Sally Bloom, Other Pro, Dallas, TX
Wed Feb 3, 2016
It all depends on how bad her credit is and why it's bad. Try Home Loans For All. They're out of Dallas but work nationwide. We send the majority of our clients to them. They can definitely find lenders that can work with you. I will put their website below. Hope this helps.
9 votes
Jessica Bate…, Agent, Beverly Hills, CA
Sat Sep 28, 2013
I would recommend The Lenders Network. They are kind of like Lending Tree for people with various difficult situations like poor credit, self employment etc. They have a few lenders they work with, they will be able to point you in the right direction.

Good Luck!
4 votes
Leesa King, Agent, Plano, TX
Fri Oct 18, 2013
Possibly yes, depending upon her current score, credit history, and employment history. There are grant programs available. These grants do not need to be paid back. I'm working with 2 buyers now through this grant program. Feel free to call me at 214-389-1672.
2 votes
AV, , Dallas, TX
Mon Feb 20, 2012
cosigning will not help her. She still needs a qualifying score. Co signers can only help with income on FHA loans
2 votes
Bill Merritt, , Dallas, TX
Sat Feb 18, 2012
@ Tom. Perfect answer. Short, to the point, and accurate. Good job.
1 vote
Financeguy20…, Home Buyer, Dallas, TX
Sat Mar 4, 2017
At My Loan Is Your Loan I know the lowest credit score for mortgage approval would be 550. Depending on if you purchase through FHA, VA, or USDA determines if you need money down or not. VA has no down payments and USDA so depending on your area with below a 620 its easy to purchase. If you have more questions please reach out.

Brian Young 214-797-3479
NMLS902687
0 votes
Monica.okeiyi, Home Buyer, New York, NY
Sat Feb 20, 2016
I work for a direct lender in the mortgage industry who offers conventional, FHA VA, and USDA loans in 47 states. For VA home loans it's NO down payment. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You have to have two years of income with a score over 550 with bankruptcies discharge date 2 years and over. We have basic guidelines and a pretty easy process. Feel free to text me or call me anytime up to 10:00pm Eastern with any questions.
Brian Young 214-797-3479. NMLS#902687
0 votes
Christine, Home Buyer,
Thu Feb 11, 2016
TOP RATED!

Well, if you need help getting that 620 or higher credit score, we can definitely help you. We've helped many over the years and have seen many clients gain 75 points or more in a 30-45 day period. This is not an overnight quick fix but if they follow our program we can help you. We delete collections, late payments, bankruptcies, child support, tax liens, judgements and more. Just check us out. Over 14 years in the industry! Our consultation is FREE! Give us a call at 877-459-4554 or visit http://www.advancedcredithelp.com or IG advancedcredithelpllc (hold onto your socks)
0 votes
Megan Miller, Home Buyer, Fresno, CA
Mon Aug 31, 2015
The Lenders Network has lenders in their network that work with less than perfect credit, but I think you need at least a 580 or 600 score to qualify for FHA. Good luck!
0 votes
kkseavy, Home Buyer, Creswell, OR
Tue Apr 21, 2015
she could purchase a home on her own once she had some credit repair. i used ezcreditconsultingandrepair.com they were great! they were able to remove what was stopping me from purchasing my home.
0 votes
Rich, Other Pro, Las Vegas, NV
Sun Apr 19, 2015
If you need help to raise your credit scores fast,
We specialize in raising FICO scores dramatically, in weeks, not months or years.

As a matter of fact with one of our most recent clients we raised his score from 552 up to 729 in 3 weeks.

Hope This Helps

Contact Us!

IZM Credit Services
800 N Rainbow Blvd
Las vegas, NV 89107
(702) 758 - 3799

IzmCreditServices.net
Web Reference:  http://IzmCreditServices.net
0 votes
Ereka Jones, Agent, Richardson, TX
Wed Mar 25, 2015
Hi There!

Have a her to contact a qualified mortgage company. Feel free to contact me for a list of lenders.
0 votes
Voices Member, , Dallas, TX
Thu Oct 17, 2013
If you daughter credit score is at least a 580 and she has not current collections yes she can purchase a home... give me a call 214-557-3312 and I can see what I can do to help her
0 votes
john124, Home Buyer, 14212
Thu Oct 17, 2013
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0 votes
Investmentcl…, Home Seller, Dallas, TX
Mon Sep 9, 2013
Ofcourse she can buy a home but she need some guidelines and a way to direct her in the right path. With good job and good services of an expert appraiser, she will be able to gauge. For any assistance you can go with this:

Kamran Baluch
2943 Thomas Ave
Dallas, TX 75204
214-810-4339
Sales@investmentclub360.com
http://www.investmentclub360.com/
The #1 destination for real estate investors

Happy hours :)
0 votes
Voices Member, , Dallas, TX
Sat Sep 7, 2013
Not trying to not credit repair some of them can her his they do not know the new guide lines
0 votes
Voices Member, , Dallas, TX
Sat Sep 7, 2013
If her credit is at least a580 have her to calle 214 557 3312
0 votes
Susie Kay, Agent, Dallas, TX
Sat Sep 7, 2013
How's her credit now? Let me know if she still needs help I have credit repair guy that I usually work with and they are good.

Good luck!
Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes
Randy Fpllc, Home Buyer, Washington, DC
Sun Sep 1, 2013
Go talk with these people.......enough said!

http://financialplannersllc.com/index.html
0 votes
The United H…, Agent, Mansfield, TX
Fri Aug 2, 2013
The only time a cosigner helps is when additional income is needed. Other than that a lender will always have to use her credit. However, the way around it is if you purchased the property for her and she resides there after the fact. If you never reside at the property the purchasing of the estate would be seen as an investment. Investment properties in this case should require you to pay 20% down. Now perhaps we can do something to bring her credit up, feel free to contact me directly with further questions. I would love to help your family out considering you're posting questions up in regards to helping her I'm sure it means a lot to both you and her.

Keller Williams Realty
Real Estate Consultant
3x US Army Veteran
Joseph Fernandez
Cell: 817-975-7258
Blog: blissfulestates84.blogspot.com
Email: blissfulestates84@gmail.com
Trulia: http://www.trulia.com/profile/josephfernandez/
Zillow: http://www.zillow.com/profile/JosephFernandez/
Web: http://www.blissful-estates.com
Linkedin http://:www.linkedin.com/pub/josephfernandez/63/423/96b/
Facebook:facebook.com/joseph.fernandez.5876
0 votes
Voices Member, , Dallas, TX
Thu Aug 1, 2013
if she has a fico score of 580 and no current collections with in the last 12 months .Give me a call I can help her. Also even if she has bas credit a cosigner will not help
0 votes
Blanca Dover, Agent, Camarillo, CA
Tue Feb 21, 2012
I would call a few trusted local lenders in your but I know that I have ran into problems with my clients not qualifiying, even with a co-signer. It depends how bad her credit is but she really should work on repairing her credit.

http://www.blancadover.com
Web Reference:  http://www.blancadover.com
0 votes
Tamika Goree, Agent, Arlingon, TX
Tue Feb 21, 2012
Hi Vicki,

If your daughter has bad credit, than she will need a co-signer. Keep in mind with low credit scores the lender will charge /hera higher interest rate. Just because you want to co-sign for her the final decision will be the lender. Also, keep in mind you are responsible for the mortgage if your daughter doesn't pay for it. My suggestion would be to have your daughter rent for about 2 yrs and that way she can re-establish her credit & get her scores up.

Make it a Blessed Day!

Tamika A. Goree
Direct: 972.697.1178
Email: tamika.goree@live.com
0 votes
, ,
Tue Feb 21, 2012
I have declined 3 different loan applications over the last year because they had helped their child. If your daughter is old enough to buy a home she is old enough to be responsible for paying her own bills. If she won’t pay her cell phone bill why would you help her get deeper in debt? Good luck,
0 votes
You're probably out of business by now...
Flag Tue Apr 25, 2017
Dear Mr. Grinch.... you are very judgmental. Not everyone who has a low credit score is a dead beat that doesn't pay their cell phone bill. I think it is sweet that she wants to help her daughter find a mortgage company. Obviously, you are not the kind of lender she is looking for so I don't even know why you wasted your time posting this message... and obviously there are plenty of lenders who are interested in doing what they can for people in her position. Go terrorize the Whos in Whoville and leave her alone.
Flag Mon Oct 19, 2015
Annette Levi…, , New York, NY
Tue Feb 21, 2012
Vicki,
Have your daughter go to your local non profit housing group for credit counseling. The counselor will go over her credit report with her. They will tell her what you are doing wrong and what she should be doing. If she listen to them and when your score is 640+ she can think of buying.
0 votes
Don Groff, Agent, Austin, TX
Mon Feb 20, 2012
If she has bad credit she will not be able to buy a house. Forget the investors unless you want to pay a very high interest rate and have a lot of money for a down payment. Your daughter needs to speak with a lender who will work with her and get her credit moving in the right direction. This starts with educating her to make good decisions unlike what she has done to get to where she is now. if you go back and look at some of my other answers you will see how I outlay a program to restore a bad credit profile.

Again it starts with educating and knowing where you stand. Your daughter should start there and work on restoring her credit and then worry about buying a house after she gets her financial house in order first.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes
Jeremy Garcia, Agent, Dallas, TX
Mon Feb 20, 2012
the only correct answer listed is below. I just love how everyone has an investor in their hip pocket that is willing to so eagerly finance anyone with low credit scores. Be weary of these deals as the interest rates will be high and so will the fees. Also make sure title is clear and a "wrap around mortgage" isnt being performed. Someone will have to disclose the underlaying lien. This is how 97% of so called private financing is now being packaged up and remarketed with a nice fancy name.
0 votes
Voices Member, , Dallas, TX
Sun Feb 19, 2012
It really depends on the over all credit.. I have investor that will go as low as 560 mid score. She would have to put 5% down of her own funds
0 votes
T.E. & Naima…, Agent, Dallas, TX
Sun Feb 19, 2012
Some people think the number in their credit report tells the whole story. It doesn't.
Some people think a 550 credit score is "okay" - it's not.
A few people think a 695 credit score is not okay - it is.

So, when you say "bad credit", I have to wonder what makes it bad. A foreclosure last year would make the credit bad, no matter what the current score (even 830). A short sale 3 years ago will wreck it the same as a deed in lieu. However, a score of 600 might qualify her for a loan, but not with foreclosure/short sale/deed in lieu on the same report.

A good job with 2 years of history is a great start. Now she probably needs to work on getting the collections cleared up, paying on time for 24 months with no late payments, and removing any errors. Once her credit is cleaned up, she can do something on her own.

Before that, though, she may need to stay off the Note when buying. Some lenders do offer Non-Occupying Owner loans, but in general she is stuck until her bad credit turns green.
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Feb 19, 2012
Best for her to repair her credit then purchase if your preference NOT to be on title


Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes
, ,
Sat Feb 18, 2012
Co-signer doesn't help overcome the bad credit.

http://activerain.com/blogsview/449665/fha-non-occupying-co-…

Borrower STILL has to qualify. Co-signer just helps add income to a deal when needed.

See the article above
0 votes
Bruce Lynn, Agent, Coppell, TX
Sat Feb 18, 2012
Vicki,
NEVER ever co-sign on a loan. Almost Rule #1 for finances. If you want to make a CASH contribution that is one thing, but never ever lend your credit. Many many good people have been ruined financially by doing this. I' helping one right now. You are 100% responsible if something goes wrong, she gets married, divorced, job transfers, layoffs, move for the heck of it, spouse doesn't pay their taxes, and so many other situations you can't believe, most of which are out of your control. Love in this case is saying NO. If your daughter has bad credit, that means she has had trouble paying bills in the past. Love is showing her how to be responsible and paying on time, and the rewards (like home ownership) that go with being responsible. Hang in there.
0 votes
Patrick Fiel…, Agent, Plano, TX
Sat Feb 18, 2012
Vicki,

I recommend starting with knowing her credit score for all thress credit reporting agencies. I am finding that lenders are generally looking for a score of 620 (although 600 may be acceptable by some lenders if she shop around.)

Other factors will be considered (as mentioned below - debt/income ratio etc) but the credit score will be key. If she is close, it does not necessarily take long to improve the score enough to qualify. Most well reputed lenders will be able to refer her to a credible credit repair company that can help her for as little as $50 a month I have seen.
0 votes
Richard Schu…, Agent, Los Angeles, CA
Sat Feb 18, 2012
Contact a lender. You can find many great lenders here on Trulia, or contact your bank or real estate agent for referrals. The pre-approval process is quick and easy, and they can assess your daughter's situation, answer these questions for you, and give you your options. There are programs out there for those with lower credit scores (within a limit). Good luck.

Richard Schulman
Keller Williams Realty
0 votes
Chris Hutchi…, Agent, Hurst, TX
Fri Feb 17, 2012
The only way to really answer the question is to get her pre- approved
I work with lenders that help people with scores in the 500s but each case is different depending on income and debt ratios.

If you need help give me a call and I can put you in touch with lenders from my team and help her find houses that she will qualify for on her own.

Regards,

Chris Hutchinson
REALTOR
Chris Hutchinson Real Estate
The Michael Group
972.809.0607
http://www.chrishutchinsonrealestate.com
0 votes
Do you still have lenders that will help with credit scores low as 500s
Flag Wed Dec 23, 2015
Kevin D. Bro…, , Dallas, TX
Fri Feb 17, 2012
It really just depends HOW bad. The only way to know is to check with a loan officer. It would not cost you or your daughter anything to get pre- approved, and I work with 2 or 3 great loan officer's regularly. Feel free to contact me and we can get started.

Kevin D. Brown
KDB Properties
972.379.8931
kevin@kdbpropertiesdfw.com
0 votes
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