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If my mother and father are willing to co-sign, will that excuse me bad credit?

They have a credit score of 760 and 800, while I have a credit score of 560. If they co-sign the loan will I be able to get a mortgage or will it not help? by sara.n_938_336 from Long Beach, California. Dec 30th 2011 Reply


Bill Ladewig (bill@yourfhaguru.com)
#359 ranked lender in California - 34 contributions

Hi Sara, unfortunately the lender will use the lowest middle score to qualify your loan.It may be possible to raise your score and I can recommend a couple of credit counceling companies, if you wish.Bill Ladewigbill@yourfhaguru.com

Dec 30th 2011
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Brian Allen (ballen)
#43 ranked lender in Maryland - 192 contributions

No, they will need to buy it for you get your credit taken care so you won't leave your parents hanging.

Dec 30th 2011
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Michael Mullins (MikeMullins)
#50 ranked lender in Pennsylvania - 2 contributions

A conventional home loan underwriter will require the lowest median scredit/fico score. The representative score is lowest middle FICO score. You should have 3 FICO scores, one from each of the major bureaus. A good starting point is the mid 600s.

Dec 30th 2011
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,857 contributions

Sara, in today's underwriting world, all borrowers need to meet the minimum credit score requirements. It is possible for your parents to buy the the home, but if you are the one living in it, it would be considered an investment property, and even if you make all the payments, it will still be their home, and you will be just the tenant. My advice is to obtain a copy of your credit report and begin to resolve the issues that are dragging down your score. DO NOT use one of the highly advertised "Free Credit" services. These services are set up to just gather and sell your personal information. Instead, go to site that was set up by the Federal Trade Commission: http://www.annualcreditreport.com to get your reports. This site will only get you your report for free, no score, but they are not permitted to sell your data. If you would like some help in interpreting your report and/or developing a plan, I would be happy to assist. just click my picture to go to my website for additional information.

Dec 30th 2011
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Ron Pippin (RonPippin)
#26 ranked lender in Utah - 158 contributions

the basic rule is that a co-signer can help with the lack of income but they cannot help with lack (or bad) credit. Though a co-signer helps with credit issues when getting a car or a credit card, it does not help when buying a home.

Dec 30th 2011
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Rudi Hofmann (CaPortfolioLoans)
#279 ranked lender in California - 380 contributions

Sara- Everyone to date is correct about co-borrowers. To help you with understanding how to improve your score there are many websites. You have to be careful, even with marginal credit to whom you provide your SSN. Be careful. The following site is a non-commercial site which is provided by the firm that developed FICO scores. Lender 411 does not provide the functionality to post a "hot link." Please copy website address and paste in your browser for easy access: http://www.scoreinfo.org/ ...... Best wishes, Rudi

Jan 2nd 2012
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Christina Hayes (CreditRepairExpert)
#8 ranked lender in Tennessee - 68 contributions

Hello, as the others mentioned you wouldn't like your interest rate.Where did you get your credit scores from? Online sites like Credit Karma & Credit Sesame, don't accurately reflect your credit scores. In other words your scores most probably will differ on an actual mortgage credit report. I offer Credit Restoration services. Please look at my profile for more information. Thank you;

Oct 22nd 2015
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