Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

First Time Home Buyer Credit With Co Signer All Locations : Nationwide Real Estate Advice

  • All718K
  • Local Info60K
  • Home Buying263K
  • Home Selling45K
  • Market Conditions26K

Activity 157
Showing results for First Time Home Buyer Credit With Co Signer [Clear search]
Wed Dec 28, 2011
Bottom line is you have a very incompetent loan officer. If your loan is declined then unless you have signed something waiving the financing contingency then you can get a refund of your earnest deposit. You should contact a good mortgage broker to see if you can still get approved before you forfeit your expenses you've incurred for the inspection and appraisal. There are other lenders that will likely be able to have more flexibility than Wells Fargo with their acceptable debt to income ratios. I'd love to help you if you'd like. I have 19 years experience, so I can assure you you'll get the right answer the first time.

Brian Cardenas
Sr. Mortgage Loan Originator
1st Rate Home Mortgage, Inc.
Mobile: 480.233.7897
... more
0 votes 17 answers Share Flag
Wed Jan 23, 2013
Brian Berman 678-564-1522 answered:
If you intend to occupy that house as a second home then it would be a second home. Esp if you are out of state. If you intend to rent the property you should call it an investment. This document is signed by many buyers using a mortgage at closing :

If you rent a property you call your primary you would be in violation of these rules

You need to work with a good loan officer to make sure you are doing the right mortgage for your scenario. Good luck!
... more
0 votes 15 answers Share Flag
Tue Jul 15, 2014
Anna M Brocco answered:
There are other factors besides credit that determine qualification; therefore visit with any loan officer, after reviewing your income, credit, debt, etc., a determination can be made; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to be eligible in the near future. ... more
0 votes 14 answers Share Flag
Thu Sep 1, 2011
Linda S. Cefalu answered:

Not sure why you would want to be on the mortgage if you work part time and the bank has turned you down for a loan. If your dad can purchase without you, I'm not understanding the problem. ... more
0 votes 5 answers Share Flag
Fri Aug 31, 2012
Mack McCoy answered:
You can, you just can't borrow money at normal rates.
0 votes 17 answers Share Flag
Wed Dec 19, 2012
Tyler Brown answered:
I'm assuming you mean a 10% down payment. This will most likely not be available and if you find it, it would not be regular institutional financing. If you have a retirement q count to pledge or other assets there may be an option. Or, you may be Blento obtain a lease option, seller financing, or buy something subject to current financing. I come across these things every once and a while. In fact, tomorrow I have an open house that may allow for creative financin like this. Call me tomorrow if you like. 858.442.3449 ... more
0 votes 24 answers Share Flag
Tue Feb 25, 2014
Nick Nicholas answered:
Tue Nov 10, 2015
Ben Edsall answered:
Mortgages without money "down" are pretty much a thing of the past. Most will require at least 3% down.
0 votes 7 answers Share Flag
Mon Jan 7, 2013
Dallas Texas answered:
Apply for a loan with a mortgage broker , not all foreclosures take those types of loans, has to be reviewed by your Realtor once you are approved.

Many foreclosures have restrictions from the lender who owns that home

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
... more
0 votes 5 answers Share Flag
Mon Nov 7, 2011
yes, each has to meet the minimum.
0 votes 43 answers Share Flag
Mon Jun 10, 2013
Kay E Marquez answered:
Momma Nurse 4,

Rental Ideas....You may want to offer a landlord a little bit higher monthly rent, along with a larger deposit. You could negotiate that you pre-pay in advance a month ahead or perhaps you know of a co-signer (parent) for the rental agreement.

Do you have any photos of your home now? Since most landlords want a reference from the past, you may want to demonstrate your current home care so that the landlord knows feels comfortable with how you may maintain their property.

Basically, if you can qualify for the rent and show that your credit was good prior to this foreclosure mess, many landlords will give you consideration. The pet may limit your choices, but again, offer a little higher than the monthly rent and offer to pay a few months reserves upfront. Hopefully this helps.
... more
0 votes 10 answers Share Flag
Fri Jan 23, 2015
Sally Grenier answered:
You need to sit down with a lender or mortgage broker to review all of the details and figure out what the best situation is for you. He/she will look at everything from your income, debt, credit score, savings, etc. Good luck! ... more
0 votes 12 answers Share Flag
Sun May 8, 2011
Dallas Texas answered:
Co-sign a loan with your daughter means you share ownership with home held responsible with payments, taxes, insurance and etc.

Speak with an attorney

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
... more
0 votes 11 answers Share Flag
Mon Jan 30, 2012
Cherri answered:
My full time job starts in mid July 2011 so is it possible to get a loan before full time job starts?
0 votes 7 answers Share Flag
Wed Aug 1, 2012
Scott Godzyk answered:
The first stpe should be to contact and to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for.

You need to do that before you start looking at a house so you know your price range, then you can comparte each so you know what you can get for your money.

Please click on my blog

To get a complete list of tips and advice for getting a mortgage in todays market
... more
0 votes 13 answers Share Flag
Sun Apr 10, 2011
Robert Range answered:
You might with a conventional mortgage - it is too early for the FHA guidelines. It is going to depend on the investors guidelines on that particular mortgage product. Is the short sale showing up on your credit report? Did you short sale without going into default (Im guessing probably yes)? That is a quick recovery. ... more
0 votes 13 answers Share Flag
Sun Jul 15, 2012
Christopher Suh answered:
Hello Stephanie,
Instead of going back and forth on here. Please send me an email and I'll get in contact with you, in regards to your future endeavor. I will go over some options after hearing more of your current situation.

Thank you
... more
0 votes 7 answers Share Flag
Sat Mar 26, 2011
Phil Rotondo answered:
A great way for young adults to get started buying their first home is by using the FHA "Kiddie Condo" Loan Program. This type of mortgage allows a person to co-borrow with a blood relative (eg. parent, grandparent, sibling, etc.) who helps qualify for the loan using their income or assets. Both borrowers take title to the property and sign for the loan.

There are three big advantages to using this type of loan.
1. A low down payment (as little as 3% of the purchase price).
2. A lower, owner-occupied interest rate on the mortgage Vs the higher investment property interest rate.
3. Helps the new borrower establish a solid credit rating.

With a Kiddie Condo loan program, at least one borrower must occupy the property as his/her primary residence, but extra bedrooms could be rented out to help cover the cost of the mortgage payments. This is a perfect way for a college student, recent graduate, or anyone unable to obtain a loan on his/her own to buy a condo or townhome or single family home with the help of a family member. Apply for your Kiddie Condo loan today.

The tax benefits, such as deducting mortgage interest and real estate taxes on a Federal Income Tax return, can be divided among the owners, according to who pays the expense. See your tax advisor for details.

Make sure you read the section on credit as both borrowers must qualify. If the owner occupant has little or no credit you should review the "non traditional credit" section and pay particular attention to the information on the 2nd page.

Note that the property DOES NOT have to be a Condo. If it is a condo then you need to make sure that the project is approved or the that the property can get a "Spot approval".
... more
0 votes 3 answers Share Flag
Tue Mar 22, 2011
Linda Dressler answered:
The best thing to do is to start building credit. Most lenders require three lines of credit. Perhaps you can apply for a gas card, department store card like Kohl's and a visia. When you use them, make sure to put aside the money to pay them at the end of the month so that you don't get yourself into trouble. After a few months, they should show up on the credit reports. Try calling a lender that you trust, they will advise you for sure if this is the best thing to do. I have a few names of people who would be happy to take such a phone call.

Good Luck!

Linda Dressler, Realtor®
Helping From The Heart
Schaumburg, Illinois
... more
0 votes 11 answers Share Flag
Tue Aug 1, 2017
Craig Brock answered:
There are 2 types of credit repair that I have learned and am applying today with my clients and myself.

1.) Establish new lines of credit. For example if your credit is bad you will need to apply for a secured credit card and make payments on it every month from the start to finish. You will get 30 points just for opening a new one. ( I have a personal person that I use that opens secured credit cards and secured loans and can get you up to 100 points within 6 months.). You can also piggy back on someone elses established credit card that has a high credit limit with a low balance. How you do that is ask someone you know like a relative or a best friend if they will make you an authorized signer on their credit card. All they will have to do is call their company and have them issue you a card as an authorized signer. You then tell them that they can keep the card and you just inherited their credit. ( I have personally done this with my girlfriend and my credit has jumped 60 points using her credit.) That is all you can do to establish new lines of credit.

2.) Dispute all collections on your credit. There are 2 methods on doing this as well. You can google FICO and sign up on their site and they will teach you how to dispute it yourself. I am going to be honest with you about this you will need to dedicate about 2 hours a day calling and writing letters. Option 2 is use a well known company to do all the work for you and make sure they allow you to monitor what they are doing as they are doing it. I am personally enrolled currently with Americas Credit Resolve out of Wylie, TX. I have already had 2 items removed off my credit in 30 days. It is a 6-8months program and will run you about $1000. The good thing is they assign you a website and you can log on and see the progress on getting stuff removed off your credit.

So far with both of these methods I have jumped up 100 points on my credit and can educate you on how to do this. I have direct contacts for both methods and use them on a daily basis with my credit challenged clients. In order for me personally to become a believer I tried both methods my self so that before I recommend it that I have personally used it and trust it.

Feel free to contact me anytime to learn more about both processes and how you can be elidgable to purchase a home in 6-8months. That is my plan and should be good to go at the end of summer!!

Craig Brock
Keller Williams-plano
... more
0 votes 90 answers Share Flag
1 2 3 4 5 6 7
Search Advice