Equity Home Loans

Will having a co-signer help us get a home loan with bad credit?

This is our situation: My husband and I relocated for his new job 6 mo. ago. Neither of us has good credit. (I have some hospital bills from several years ago when I didn't have insurance and we each have an old credit card bill from when we went through a rough patch a few years ago.) We have paid off some other things such as my student loans, another old credit card debt, and a bunch of small things, like money owed to utility companies. Our original plan was to rent for several years while we continued to pay things off. But we've run into some problems. Basically in the area we moved to there are no private homes or duplexes for rent, only units in apt. bldgs. The building we live in now is terrible, I can't continue to raise my child in this environment. My parents (who have nearly perfect credit) have offered to be co-signers for us. We also should have a decent sized down payment. Will we be able to get a decent home loan this way? I forgot to mention that my husband went back to school and just graduated a year ago so we also have subsidized student loan payments (they are all current).

Public Comments

1. I would recommend looking into an FHA loan. It is not credit score driven and does not require down payment. If you want to e-mail me, I can have a loan officer contact you to see if you qualify for this financing. e-mail me at catieleann@yahoo.com , I know he does financing for all states.
2. As much as I would love to see everyone have a home, some are just not ready for the responsibility, I think you are one of them. You need to work on paying off your debt and getting your credit rating improved. Why do you think we are in the position in this country with foreclosures? Because lenders saw an opportunity to make a buck on people with really poor credit. So not to be mean, but you need to do some work before you are eligible for a mortgage.
3. Well, a couple of things you might want to consider.I've had good luck here...http://studentloan.online-helpers.info/south-carolina-student-loan.html