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What are the cosigner qualifications in il?

My husband was pre approved by his bank. Which is a small bank here in Chicago. We were told to put in the offer cause everything is good. House contract signed & now bank is saying we need a cosigner because my husband claimed a loss on his taxes o.O seriously?!!! This is a slap in the face! Now my husband is so discouraged, upset etc. This is ok? To tell people oh ok ahead everything is great. Then oh wait, I changed my mind. This is our life here not a game. We have absolutely no debt, 20% down payment, good credit, steady income, no wild spending (we're penny pinching) & asking for a $134,000 loan. Is there any hope somewhere else? And if all hope is only with a cosigner, what qualification do they need. Please we worked to hard to throw in the towel but discouragement is breathing down his neck :(
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July 22 2012 - Jefferson Park
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I am sorry to hear about this situation. What happens a lot of times with lender is, they approve you base on loose guidelines. They dont pull everything they need. (which is what they should do) Then once you are in the loan process they go deeper into what they need, and thats when the trouble typically starts. So them finding something in your taxes that is bad, is actually typically for a bad lender who didnt do their homework on you guys upfront. The bad thing is, if there is a tax issue on your husband, you may not be able to get approved. I would speak to other lenders, but if there is something there, you probably cant get around it. I would seek another opinion.

A co signer is going to need the same qualifications as yourselves.
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July 23 2012
There is always a chance another lender can get you done without a co-signer. I have two loan officers in my preferred partner list and I suggest you contact them both. Dominic Condotti of Chase and Adam Soroka of Long Grove Mortgage.

The co-signer needs to be qualified the same way you would need to be    qualified. A co-signer is really a "co-borrower". They will share ownership & responsibility with you to pay back the loan. While you can have an agreement with them that you pay for the loan and "own" the condo the bank will hold you both equally liable to pay the note. Good luck!
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July 23 2012
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Grrrrr, I agree with your frustration.   I would have a serious discussion with the supervisor of said loan person.

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July 22 2012
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Yes we did. We bared our souls & she said it didn't matter. Thanks for taking the time to answer. I appreciate it.
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July 22 2012
Profile picture for wetdawgs
I'm sorry to hear of this frustrating situation with them changing their mind.   Did you declare the loss shown on the tax forms as the income when you asked for pre-approval?    The "steady income" is likely to be the problem if you can't support it with tax records.

What does a co-signer need?   Income, low enough debt to income ratio to be able to qualify, high enough credit scores. 



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July 22 2012
 
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What are the cosigner qualifications in il?
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