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Can an individual secure a mortgage loan 15 months after a BK/forclosure with a parent cosigning

If a potential buyer ( a couple) wants to secure a loan to purchase a home and they are only about 15 months past a chapter 7 and foreclosure~both have reestablished good credit scores in the mid 600's and a combined income annually of 75,000 ~and no debt~can they secure a conventional loan (with 10% down) with the co-signature of a parent or relative who more than qualifies~
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January 07 2012 - Sunnyvale
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Answers (2)

Robert,

There is no loan I know of that will allow for this. Co-signors are really only good for income/asset issues, not credit. You would have to be past the dates required by the program you are applying for regardless of the cosignor's credit.

Sincerely,
Greg
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January 08 2012
To qaulify for a new mortgage the babkruptcy has to be discharged a full 2 years and a foreclosure must be 3 full years out.  Hope this helps.
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January 07 2012
 
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