Profile picture for okij00

I own a house with 2 of my brothers, and we each own 1/3. Me and my one brother want to buyout

Me and my brother are in school, I am on disability making around 600 a month and he makes unemployment and military pay for going to school. Our credit scores are around 600 and 640. If we apply for a home equity loan we probably wont get it, but if we have our father co-sign with a 700 plus credit score and good income will we get it.
Also if our one brother just signs his 1/3 to the 2 of us and then we go to get the loan will that be any different. No mortgage.
  • April 20 2011 - US
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Answers (4)

Profile picture for okij00
We are looking to pay around 45,000 and split the loan. So if one of me and my brothers score is around 600 which would be the lowest and we dont work, will we even have a chance with a co-signer or not?
Thanks
  • April 21 2011
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Your credit scores would allow you to apply for a home equity loan but it needs a little stretching. Thus, I would suggest that you talk with a local lender to help you.
  • April 21 2011
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Your fathers score has nothing to do with the equasion. Loan is always based off the lowest score. His income may not help either as he does not live with you. Many companies will not allow a non-occupying co-signer with low scores.

You can refi with just the 2 of you and have your brother taken off deed. If you have equity you can cash out to pay him.
  • April 21 2011
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Profile picture for wetdawgs
The two of you will have to qualify for a loan to buy out brother three.   At the moments, your incomes are low and credit scores from the lowest party should be at least 620 and perhaps even 640 to qualify.

What amount did you wish to borrow to buy out your brother?
  • April 20 2011
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