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Would you be approved for a 150000 home with a credit score of 633 and an income of 33000 per year What about with a co-signer?
Wiki User
∙ 18y ago
Yes, you do qualify for a mortgage in your current situation. On a standard 30 yr fixed mortgage your payment accounts for 32% of your gross income. The only concern is that your total debt obligation including your new home payment doesnt exceed 50 or 55%. Even so, with your current scores you an have to option to state your income and resolve your debt to income ratio problem, if there is one. There are several programs that I can make available to you. Eloy Benavides
Wiki User
∙ 18y ago
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Do you need a cosigner to have your own credit card?
No. Credit card companies will not give to people who have no income.
Can a cosigner be added to a loan?
When applying for a mortgage, one has the option of adding a cosigner. One needs to consider the advantages as well as disadvantages before deciding on a cosigner. Additional income might improve the chances of getting approved for the loan, however, other factors, such as lower credit score might have the opposit effect.
If you need a cosigner for a loan and you have someone with a credit score of 700 who will cosign but they only made 12k last year will they be approved?
The credit score could indicate that the person is responsible in their financial dealings. Unfortunately the salary amount would not be favorable. Many lenders will, however, look at the overall financial picture of the cosigner; for example the person's debt to income ratio, potential for increased future income, etc.
What does a cosigner have to to have?
A cosigner must have good credit, a reliable income and the willingness to sign for another individual. Cosigners help primary borrowers build a good credit history, along with on-time payments.
Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?
No. The cosigner would have to apply for a loan in their name using their credit, income data.
Do you need a cosigner to have your own credit card?
No. Credit card companies will not give to people who have no income.
Can a cosigner be added to a loan?
When applying for a mortgage, one has the option of adding a cosigner. One needs to consider the advantages as well as disadvantages before deciding on a cosigner. Additional income might improve the chances of getting approved for the loan, however, other factors, such as lower credit score might have the opposit effect.
If you need a cosigner for a loan and you have someone with a credit score of 700 who will cosign but they only made 12k last year will they be approved?
The credit score could indicate that the person is responsible in their financial dealings. Unfortunately the salary amount would not be favorable. Many lenders will, however, look at the overall financial picture of the cosigner; for example the person's debt to income ratio, potential for increased future income, etc.
What does a cosigner have to to have?
A cosigner must have good credit, a reliable income and the willingness to sign for another individual. Cosigners help primary borrowers build a good credit history, along with on-time payments.
Can a person on ss be a cosigner?
Yes, it's income but need good credit & enough to qualify.
Do you always need a cosigner?
A cosigner is needed when the primary borrower does not, for whatever reason, (age, income, credit rating, etc.) does not qualify for a loan on their own merit.
Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?
No. The cosigner would have to apply for a loan in their name using their credit, income data.
When you have a cosigner on an auto loan is your credit considered at all?
yes, the reason for the co-signer is either due to lack of credit or the possibility of insufficient income to repay the loan
Average income of very rich?
150000
If you have fair credit should you apply for a loan on your own or with a cosigner who has bad credit but more income and assets to get a lower rate?
I would try to get the loan on my own and build MY credit up. Its a personal choice.
When cosigning do they check the cosigner's credit and use his income as well for repaying the loan?
YES to checking CR. No, to using co-signors income. The debtor must be able to pay the loan.
Can a cosigner purchase a new vehicle even though he has co-signed?
Yes. A cosigner can purchase as many vehicles as a lender well allow. Of course it depends on your income and credit rating as to whether or not the lenders will extend you any more credit. The loan you cosigned for is on your credit and will be taken into consideration when the lender looks at your credit to determine your elligability for a car loan.
