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co-signer changed mind

my co-signer changed their mind after we had been approved. will this also change my approval? my credit score is low, 480, so I had to have my sister co-sign. my income is $89,500 + annual bonus 22% of my pay. this will be my first home. by aibrahim734 from Laughlin, Nevada. Jun 5th 2019 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,423 contributions

It is likely the lender that granted you approval will reconsider. You must reach out to them sooner, rather than later to let them know of this material change. Depending on the factors that make up your lending profile, you may still be OK, but only the lender can tell you for sure. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California and Washington ~ 888-889-9950

Jun 5th 2019
Aundrea Beach-Greco (aundreabeachgreco)
#6 ranked lender in Nevada - 36 contributions

Yes, with that score you need a co-signer

Jun 5th 2019
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed, but in general... a cosigner does not help if you have low credit scores.. they typically help when you have no credit, limited credit or limited income. That being said, If the approval was issued with a cosigner, and the cosigner wants out.. then yes.. that would affect your approval. You need to call your lender right away and see what can be done to save your deal. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 7th 2019
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