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90260 : Real Estate Advice

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  • Local Info1
  • Home Buying3
  • Home Selling0
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Activity 4
Thu May 12, 2016
Robert Peters answered:
Good credit is a must as the lender will use the lower of both of your middle FICO scores. You should absolutely speak with a lender who can advise you specifically, but if you want to run a quick test with your cosigner, you can do the following:

Get their total gross (before taxes) income and then total up all minimum payments on the debts that will show up on his/her credit. The debt total of the minimum monthly payments should be under 50% of their monthly gross income.

For example, they make $2,000/month gross and their minimum monthly obligations on items such as credit cards, auto loans, and other debt that reports to the credit bureau is only $500/month. This would give them a DTI (debt to income ratio) of 25%.

If so, you will likely benefit from the income of the cosigner. If they are well over 50%, then they are likely living with the help of someone else and not a good candidate for a cosigner.
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Fri Sep 27, 2013
Bill Eckler answered:
Sophie,

It's been my experience that the best "short sale" opportunities are those in which the seller has secured legal council to support their initiative and guide them through an often challenging ordeal. When it comes time to communicate with the lender, they tend to listen to attorneys before RE agents.

Bill
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Mon Apr 15, 2013
Jaime Sutachan answered:
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