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Is this enough to qualify?

My credit is about 600 and income isn't much about 40000, but I can afford to pay mortgage. My dad has great credit and 90000 yearly income. He'll co sign with me but he just bought a home 2 mos ago. by mthurn761 from Loco, Oklahoma. Feb 8th 2021 Reply

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

The answer really depends on what you other debt is, How much debt your dad has relative to your incomes. My biggest concern for you is your score. 600 is going to make it pretty difficult to get a good loan with a decent rate and low closing costs. For good financing, you need to get your scores over 640. Start with a Mortgage Broker licensed in the state you are looking to buy in. Depending on what is actually in your credit report, it might not take much to get your scores higher to take advantage of the better pricing. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in AZ, CA, GA, IL, OR, WA... In fact, NEXA is licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ 480-889-9000.

Feb 8th 2021
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,703 contributions

Your low score of 600 is going to cause problems. I suggest working on increasing the credit to to no less than 640 before applying. Dad's excellent credit can not be used to offset your weak credit. Typically a person can get a loan for about 4.5 times their income if they do not have a lot of other debt. You can maybe add Dad as a non-occupying co-applicant (we do not call them co-signors) to increase the amount of loan you can get, but Dad will be 100% responsible for the loan just like you, and we will takes all Dad's debt into consideration too. I lend in MN WI IA SD ND, and can be found at Cambria Mortgage, NMLS 274132

Feb 12th 2021
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