about pre approval

Asked by Sharleen S., Franklin Square, NY Thu Aug 30, 2012

my husband cosigned to his cousin to buy a car. now we cant get preapproval because of this, what should we do?

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11
R Wright’s answer
R Wright, Other Pro, NY,
Thu Aug 30, 2012
I would need more information obviously but maybe the DTI (Debt To Income) is too high. As well, the bank fees may be a problem. I could do a loan for you with zero bank fees on the front and get you a rate below 4%. I can also do a loan with DTI up to 50% and credit score down to 580. To discuss further, please give me a call@ 914-299-0420
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Thu Aug 30, 2012
I just saw your answer. Call me, I think I can help.
1 vote
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Thu Aug 30, 2012
How does your husband's cousin makes car payments? Does he withdraw the payment (or close to it) amount from their account? Is there anything like that? I don't think it would hurt if you and I got one the phone for a second.
1 vote
Sharleen S., Home Buyer, Franklin Square, NY
Thu Aug 30, 2012
thanks for all your replies...
0 votes
Sharleen S., Home Buyer, Franklin Square, NY
Thu Aug 30, 2012
i mean theres no proof of check or whatsoever that the payment is coming from him and not us.
0 votes
De Vonte Wil…, Agent, East Point, GA
Thu Aug 30, 2012
Consider consulting with a Mortgage Advisor who can get you Pre-Approved. In addition, it should not be a problem if payments are being made on time and is not delinquent. However it may affect how much you can get pre-approved for since this will increase your debt amount.

I hope this answered your question. Please feel free to contact me should you have any future questions.

Wishing you the best of luck,

De Vonte Williamson, LSA
Coldwell Banker Residential
Proudly Serving Long Island
Office: (631)638-6193
Cell: (631)384-3695
0 votes
Sharleen S., Home Buyer, Franklin Square, NY
Thu Aug 30, 2012
his cousin is paying my husband cash every month so my husband is the one paying online.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Aug 30, 2012
Have you considered other loan officers; if you need recommendations feel free to contact me directly.
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Thu Aug 30, 2012
There are other options if he/she cannot show the 12 months proof of payments.
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Thu Aug 30, 2012
Sharleen, for what reason is this holding you back? If your husband's cousin can provide proof that he/she makes the car payments out their own account for the past 12 months, this shouldn't be a problem at all. Contact me.

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
(516) 606-9648
0 votes
Jacques Ambr…, Agent, Forest Hills, NY
Thu Aug 30, 2012
unless you can get your husband off of the car co-sign, there is not much you can do. He is obligated .
0 votes
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