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Do you need good credit to buy a home?

or do you need a co-signer?

Answer Question
 
Tia23sb

Asked by Tia23sb at 4:18 PM on May. 26, 2009 in Money & Work

Level 4 (39 Credits)
Answers (6)
  • you need good credit, a cosigner will do you no good. Unless you get someone to put the home in their name and you live in it and pay for it.
    2wndrfl_btrflys

    Answer by 2wndrfl_btrflys at 4:21 PM on May. 26, 2009

  • Oh yes. My Mom tried to buy a house when I was younger and no one wanted to help her because she was a divorced woman left with all the bill that brought her credit waaay down.

    Im sure you can get a house with a co-signer but they have to have good credit too. Eek good luck
    firethearson

    Answer by firethearson at 4:21 PM on May. 26, 2009

  • I suppose it depends. We just bought a house this weekend. My husband is the only one on the loan and his credit score is a 670, which isn't very great. We still got an FHA loan at 4.6%. His credit didn't affect us whatsoever, but he does have a good debt to income ratio and a good income so that definitely helped. I think they look at a lot of different things. I thought for sure his credit would disqualify us, but it didn't. Good luck.
    Anonymous

    Answer by Anonymous at 4:22 PM on May. 26, 2009

  • No and No... But if you are like me and haven't been given a credit score you will need to have one. AAAGGGHHH!!

    Check around and see who can pre-approve you BEFORE you start to look for a house. They will tell you how much you can afford and what all the details are. Then you will know what to go by.
    SabrinaMBowen

    Answer by SabrinaMBowen at 5:40 PM on May. 26, 2009

  • Basically yes. Depending on the type of loan you are trying to get. If you don't have good credit look into FHA. The will look at lower scores as long as you don't have recent lates etc. Save some money for a down payment
    mamakirs

    Answer by mamakirs at 10:13 PM on May. 26, 2009

  • Yes, of course.
    Lindalu2

    Answer by Lindalu2 at 1:14 PM on May. 27, 2009

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