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What can I do to get more (or better) quotes for my loan request ZR-PMRJBXZ

In addition to our family buying this house, my brother, who has an excellent credit rating will co-sign for the mortgage. 

  • June 14 2011 - Hawthorne
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Answers (3)

RayDavies, Remember, a co-signer can improve debt to income rations; however, it does nothing to improve credit and/or loan pricing as it relates to your loan.  Underwriting standards and pricing are set against (or with) the lowest mid score of any borrower on the loan.

Concur that improving credit would be more advantageous.
  • June 15 2011
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Personally I think the one quote you have is bogus.  If you contact them and they offer you an FHA loan please review them appropriately,

Credit score is listed as sub 620, which is the Min FICO for non mannually underwritten loans being sold to Fannie Mae...Pretty sure Freddie has the same thresh hold.  Really tough to find a lender willing to go down to 580 which is technically permitted.

I would work with a lender to get the score above 620 and you will have better options available.  A cosigner will not Change the score that is used to determine eligibility.
  • June 15 2011
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Are you looking just to get quotes to see who has the best deals in your area or are your trying to get tips on what you can do to improve your situation to get a lower costs and better rate?

  • June 15 2011
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