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Co-Signer Maximum

I inherited my grandfathers home, it was deeded to me. I have not been able to keep up with the payments due to seasonal work and it being limited with the fires here in Northern cali this summer. I don't want to foreclose and i want to keep this property in the family and my god-parents are willing to co-sign. But they would have to, together as my god-mom is retired and no recorded income, but has excellent credit 840 FICO and my god-pop is retired with a $12k/month pension but his credit is 445. is there a maximum on co-signers? Thanks! by multiplx85 from Clearlake, California. Dec 6th 2018 Reply

Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,703 contributions

Co-signors are used only to increase income so the loan income qualifies. So a great credit score, but no income does you no good. Then on the other hand, while he has $12k income, his score is so bad, you are not putting him on any loan either. Best bet from the limited info I see here would be to just do everything humanly possible to get caught up on the current loan, then stay caught up, versus trying to get a new loan with co-signors. Good luck.

Dec 6th 2018
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

As Joe said.. a co-signer does not help if you have bad credit.. only if you have limited income.. Loan's are qualified using the LOWEST mid score of all borrowers.. and with a 445 credit score, there are no conforming loans available.. most all programs require 580 or above, and even then it's near impossible to get financing.. if you are 620 or above, there should be options.. If you cannot keep up the payments, then you should consider selling the property before it forecloses.. this way, you can preserve your credit so that when your situation turns around, you can qualify for a new loan if you choose to buy again. 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

Dec 10th 2018
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