Guaranteed Loans For People With Bad Credit
Getting a mortgage hmmm?
Just wondering if when applying for a mortgage loan with bad credit but have people willing to co-sign for you and they own a house that is worth more than the house we would be buying is that pretty much a guarantee that we will be able to get a loan with them as co-signers? they tell me it is and that they want to do it for us. All I want to know is do you think we will be approved for something with them as co-signers with the whole house thing?
No. The lender will look at the debt-income ratio. If your friend’s mortgage payment is high and his debt-income ratio is over 40%, it doesn’t help much. Also how good is his credit? Get a co-signer to buy a house is also very risky cos’ his name will be on the title as well that mean if he get foreclosed of his own house, he can just move in to yours because he’s also an owner. When you sell the house, he also entitle to any profit of it. Unless he’s some one very trust worthy, you need to think twice before doing so.