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she has had a steady job for 8 years and make $ 27000-30000 would it make a diff if i cosigned with her i have good credit but am on unemployment and if so how much of a diff would that make? also what would that mean if i were to want to get a mortgage of my own in the next 5-10 years?

any help greatly appreciated

4 Thoughts on could my mom get a mortgage loan with crappy credit but…?
  1. Reply
    August 26, 2012 at 11:22 am

    The lender and product can vary. Sometimes they take the middle score of the lowest borrower – so your credit wouldn’t help. The most help would come if you were earning money yourself. Your mother can try for a mortgage on her own and then try with you as a cosigner if she can’t get approved herself. Some lenders stipulate that cosigners must live at the residence as well.

    If you want to get your own mortgage in 5-10yrs it will affect you greatly if you cosign. Her mortgage will be apart of your Debt To Income calculation – a big part. DTI’s > 36 are high and DTI’s > 45 are generally not allowed. Also, if your mother defaults on her mortgage or has any late payments it will drag your credit score down. You will also lose your First Time Home Buyer status which has certain benefits. There are certain products only available to FTHBs and sometimes certain credits (like the $ 8,000 tax credit last year). Some products also stipulate that the borrower cannot own any other property – again you’d be disqualified.

    It doesn’t sound like you’d be much help to her and it would be harmful to yourself. With proper financial management your mother should be able to pull up her credit rating quite a bit over the next year. You’d be better off helping her manage her own finances so that she can qualify for her own mortgage.

  2. Reply
    DON W
    August 26, 2012 at 11:32 am

    Unfortunately you would not be helpful, since you don’t have a regular source of income beyond your unemployment payments, which don’t count when applying for a mortgage.

    Since your mother has a regular income, in theory she could get approved for a mortgage, but since her income is pretty low, the amount of mortgage would be very low.

    In 5-10 years you might be able to qualify for a mortgage yourself, but only if you are able to get a job with a regular income, and otherwise keep yourself out of debt.

  3. Reply
    August 26, 2012 at 11:58 am

    You won’t be of any help if you don’t have employment.
    Any co-owner will need 2 years worth of solid work.
    You will be a co-owner on a mortgage – there is no other way.

    Also, when you go to get your new mortgage, the debt from your current mortgage will reduce the amount of home you will qualify for.
    On 30K a year, they may not think you can afford 2 separate mortgages.

    Tell your mom to fix her credit reports.
    Major lenders do not look at the scores – they view the reports in detail.
    They will acknowldege items paid off and adjust their calculations.
    Get the reports at
    annual credit report. com
    Fix them.

  4. Reply
    Carmen Jones
    August 26, 2012 at 12:44 pm

    Hi, My name is Carmen Jones. I have been referring people whom are desperately in need of loan to Mr Ben Rume. The reason is because i have been rescued by him sometime ago when my account was in the hole and i almost killed myself when everybody i talked to turned me down. I needed money to sort out my bills and consolidate my debt, i got scammed twice until i met him. He gave me a loan of US$ 45,000 and i received it in 2 working days after i agreed to his loan terms and condition. My dear, i want you to contact him ( if you really need the loan, tell him i Carmen Jones referred you to him that he gave me loan sometime ago which i am still grateful to him. Goodluck

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