Profile picture for shanerickman27

what do you suggest

ok I can affort rent up to 900/ mo. if I buy I would need a co signer but don't know how much I could afford co signer has credit score of 755
  • March 04 - Flowery Branch
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Answers (5)

Profile picture for Rhonda Duffy
It is important that when you are looking for the right loan or the right gameplan to get the right loan in the future that you talk to several lenders as they all have different ideas.

When buying a home, make sure that you:
1.  Talk to 3 sets of neighbors asking 7 key questions about the HOA, any assessments, crime, neighbors, construction and why the seller is moving.
2.  Get a C.L.U.E. report
3.  Have a list of questions to ask an inspector
4.  Have a financing matrix to get the very best loan
and
5.  Make sure that you have done a 101 Househunting worksheet. 

Good luck and Happy Househunting!
  • October 04
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My first questions is: Have you talked to a mortgage loan originator?

Until that conversation happens, all of this is a guess. I have a lender that is great at what she does. If you want to get the ball rolling, let's get you in a conversation with a lender. Send me a private message and I'll get you hooked up.
  • May 18
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Profile picture for wetdawgs
Purchasing with a co-signer forces the co-signer to link their finances to your finances.   Therefore, if they wish to borrow for something, your debt will be their debt.  If you default, your goofs will show up on their credit report.  It isn't something you ask a friend or loved one to do.   About the only time co-signing may be reasonable is when you can guarantee that you will be able to refinance in < 6 months to get them totally off the loan.

It sounds like you aren't quite ready to buy yet.   What is the reason that rates will be higher when you borrow than when you have a co-signer help you borrow?  Please be aware that all decisions related to rates etc are done using the credit scores of the party with the lowest scores, not the party with the highest scores.

  • March 04
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Profile picture for shanerickman27
Thank you for the response Ron its much appreciated and definitely putting into consideration. And I do have a question I'm only 20 and have no experience buying what would be the advantage of not having a co signer vs. Having one. The reason i ask is because i know i couldn't get a rate as good on my own, i see deals on foreclosures and such and only see rates continue to raise
  • March 04
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I suggest you wait until you can afford to buy without a cosigner.

Put a plan of action into place to bring up your credit score, save a down payment and 6 months reserves and then start looking.
  • March 04
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