Profile picture for Patresha

How can a first-timer get a mortgage with fair credit due to a co-borrower's non-payment on loans?

  • February 04 2009 - Boston
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (4)

Yes, it is very possible, given the right set of circumstances, such as debt to icome ratio and the type of loan you are trying to get. I have a friend who owns a company and he can help you. Swift Home Loans has a link from my website. They also have a free credit repair program if you are close and need a higher score to qualify. http://www.bedlamrealty.com
 
  • April 25 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Find a good, creative lender and begin the discussion. As a buyer's agent, I know while often it's all about "The Number," the truth is that there are still lenders who will work with you. If the news is still not what you want to hear, develop a strategy with the loan officer regarding the steps you can take to improve the overall financial impression you make to a lender.

Good luck!

P.S. Our sister company -- Conway Home Mortgage -- has financial programs targeted to a wide range of consumers. If you'd like to talk with someone there, go to the website:[link removed by moderator]
  • April 25 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Patresha,

!st time home buyer or not your credit and your co-borrowers credit are going to be your determining factor.  What you need to do is contact a local lender or broker that is willing to sit down with you and pull your credit and see where you stand.  The truth is that if your lowest middle credit score is below 620 it will be difficult to get financing if it is below 580 it will be near impossible.

I know this is not what you want to hear but it is the reality of today's credit market.  Despite what some would make you think, first time home buyer programs do not ignore credit history.
  • February 05 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for natewolf
Speak to a lender who specializes in first-time home buyers. There are often housing assistance programs in your county or state which help people in your situation. Even though it may not be your fault, credit is a major issue in obtaining a mortgage. Going through a HUD or FHA approved credit counseling service will often qualify you for downpayment programs and other low-interest loans which would help you qualify for home ownership.

In North Carolina, we have the North Carolina Housing Partnership. This program is for people making up to $89,000 per year! And home purchases up to $220,000. There are likely similar programs in your area.
  • February 04 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.