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Can I use a co-signor if she has no credit history? She has a good income and will be residing in the property.

by trevor_smith395 from Arroyo Hondo, New Mexico. Feb 3rd 2016 Reply


Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 394 contributions

Hi Trevor... by no credit history do you mean she has no credit scores as well? If she has scores but no recent open credit then it could be possible to use her income. You mentioned co-signor, which would obligate her on the loan but she wouldn't have any ownership interest in the property. Is that accurate? If she goes on title with you as a property owner then she would be considered a co-borrower. Please feel free to call me to discuss these and other details My cell is 505-350-3745. Charlie Sparks, NMLS# 195031, Pinnacle Capital Mortgage in Albuquerque. Thanks!

Feb 3rd 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

Possibly, but we need more info.. as Charlie asks.. there's a huge difference from no credit history vs. no credit score.. Understand that a cosigner only helps borrowers who have limited income.. it does not help if you have bad credit.. (co-borrower is a different thing altogether) So if she is co signing because you have bad credit, then it wont help.. if she is cosigning because you have good credit but limited income, then it's possible she can help, but she must have acceptable credit scores.. If she is buying the home with you (co-borrower), then so long as your lender uses FHA and they allow for alternative credit sources, then it's possible she can still buy along with you if the lender will do a manual underwrite to allow for these alternative credit references to be considered. Obviously, you did not provide near enough info for anyone here to answer your question, so the best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Feb 3rd 2016
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

As you as seeing, the details make a difference. Sometimes it would be ok, but depends on the specifics

Feb 3rd 2016
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