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If you have bad credit can you have a cosigner when buying a home?
Wiki User
∙ 16y ago
The other person would have to qualify for the home loan. You could be on the loan as well and you both would share responsibility. Both of you would be on the deed until the house is paid for or refinanced under your own credit. It would be best for you to establish your own credit over the next couple of years and to buy the house in your own right. That is because, inevitably, co-signing with someone who has bad credit is unwise since they are irresponsible and it can create personal conflicts. You can buy a subscription for a credit report with the score for very little, which will enable you to keep track of your trades and score. Pay down your accounts to zero, don't close the oldest accounts that show as paid. You will need four paid, current accounts. Make sure your car payments are on time and that you do not owe more than it is worth. Your rent, any judgments, liens and so on need to be paid and on time. Plan to have 10 to 20% down payment saved for the home.
Wiki User
∙ 16y ago
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If we have bad credit will a cosigner help us get a mortgage?
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.
What is a sentence using cosigner?
If you need a cosigner for the loan because of bad credit, it means you can't afford the car.
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
You are underage with bad credit do you need a cosigner?
absolutely, even if you are of age of majority with bad credit, you will still need a co-signer.
Can a cosigner have bad credit?
Generally speaking no. Cosigners are needed for a purpose, and most often it is because the primary debtors has bad credit.
If we have bad credit will a cosigner help us get a mortgage?
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.
How can I get a home loan if I have bad credit?
Getting a home loan with bad credit is hard yet not impossible. Showing you are a responsible in paying off current debt could help. It is best to find a cosigner with good credit to seal the deal.
If you have bad credit will you get approved for a car loan with a cosigner?
Yes.
How do you get a 15000 personal loan with bad credit and no cosigner?
you cant
What is a sentence using cosigner?
If you need a cosigner for the loan because of bad credit, it means you can't afford the car.
How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?
It has the same effect on the credit.
Can you get a 30000 loan with bad credit and no cosigner?
Yes, you can get a 30,000 from your father.
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
You are underage with bad credit do you need a cosigner?
absolutely, even if you are of age of majority with bad credit, you will still need a co-signer.
Can a cosigner have bad credit?
Generally speaking no. Cosigners are needed for a purpose, and most often it is because the primary debtors has bad credit.
If a cosigner on your car loan start getting bad credit from her credit cards should it affect your credit too?
not if you make your payments like you should a cosigner is only called upon if you default on your loan
Can a person with bad credit cosign for a car loan?
I don't think so. The reason for a cosign is because the person buying the car has bad credit and the cosigner is a guarantee to the bank the loan will be paid. Two bad credit reports doesn't equal one good one. Since you have credit problems I wouldn't sign because that will add to your debt ratio to income and actually harm your credit.
