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would i be able to buy a house if i had a cosigner?

  • February 07 2011 - Conneaut
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Answers (6)

Going off of your other posts you will not be able to buy a house with a co-signer.  FHA has the most co-signer friendly program out there and you need a 620 middle score to get in it. 

Try paying down balances on any credit cards you have and have your credit re-run in 3 months.

Hope this helps

Paul
  • February 08 2011
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Profile picture for SWahle
Yes you can but I believe you will both have to qualify for the loan. A lender will consider both of your income, FICO scores etc if both are to be on the loan.
  • February 07 2011
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The answer to the question is YES, you can buy a house if you had a cosigner. Usually a co-signer is used in case the income is falling short to keep the Debt to income ratios at acceptable levels or if the credit tradelines are not enough to qualify for a mortgage. A co-signer is equally  resposible for the payments to be made on the borrower sum as the previous post has mentioned and has to qualify for the mortgage along with you as well.

  • February 07 2011
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Profile picture for wetdawgs
If your income is too low to qualify, a co-signer may help.  Of course, the co-signer should recognize that they may end up 100% responsible for the mortgage and the mortgage will appear on their credit report.  ( If your income is too low, you shouldn't be buying the property in the first place. )

If your credit score is too low to qualify for the mortgage, then you can't qualify even with a co-signer.

  • February 07 2011
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Profile picture for the_country_hick
If you already screwed up your financial life getting a cosigner is way for you to screw up their financial life. If you do not pay your mortgage on time even once it reflects badly on their credit report. If you walk away from the house they are stuck paying for it.

Cosigning is one of the worst possible options available. Instead work on improving your credit and buy when you really can get a mortgage.
  • February 07 2011
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That question depends of a few things, what your income is, your credit score, your co-signers income, credit score, and what the loan amount is.  I would say that you need to go talk with a local lender.  Good luck.
  • February 07 2011
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