My score credit is 650 and my co signer 645 you think i can qualified for a mortgage

Question

My score credit is 650 and my co signer 645 you think i can qualified for a mortgage

Answer 1

Hi Patita,

There is much more information needed to determine if you qualify for a mortgage.

#1 debt to income ratio. (How much you earn compared to how much liabilities you have each month expressed as a ratio)

#2 Your LTV ratio or loan to value ratio.. This determines the equity in your home.

#3 Your credit history

#4 your employment history (time on job, etc.)

#5 They type of loan your looking for. Every different type of loan program out there has different qualification parameters, so finding the right loan for you is essential.

But, without all of this information, i can tell you at this poiint that with a 645-650 credit score, you are within the qualification guidelines.

These days banks would much rather only work with borrowers with a 720 or above credit score, but you can still qualify with under. You will have a higher rate then someone with great credit, but you will still be able to qualify.

My main advice... talk to a professional. Feel free to contact me if you have any other questions! (Go to my profile for contact information)

good luck!

Jason Fry

Answer 2

all depnds on how much you make.

a 650 really isn't that bad, but far from perfect.

cahance are you will need atleast 10% down.

Answer 3

Yes.

Your debt to income level needs to be in the acceptable range.

You may not have more than 2 lates in you housing payments for the last 12 months.

Answer 4

Most banks require a score of 625 or better. good chance u can.