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%6 ARM

I have poor credit (559) my dad co-signed at his long term bank (he's 80) with extremely good credit. The approval was only an ARM at %6 5/1 not to go higher than %12 at end of term. I plan on staying there til I die. purchase price is 68,000 and they want %20 percent down. I hope to raise my credit score at least 100 points within3 years. My dad also had said if I didn't qualify he would put loan in his name. He outright owns his own home and car and has no debt. Should we just get loan in his name only? Or is there another option, besides waiting on my credit to rebuild?
By fyrcougar556 from WI Jul 31st 2014
Reply

My personal opinion is you should buy in your name only when you become credit ready, and not burden him with co-signing or buying outright today. I know that is a hard pill to swallow... The second things is I see credit raised in as little as 3 months... So I would work on that.

Jul 31st 2014

I work with an amazing credit repair company, one of the best in the business. Depending on your situation, they may be able to improve your score in a short period of time and help you qualify for this home on your own. Feel free to fill out an application on my website and I can help point you in the right direction! www.gsfbrian.com

Jul 31st 2014

It really depends on what is bringing your credit score down and how quickly you are able to improve your score. Having a co-signer only helps to qualify for income purposes, it does not offset credit issues. If you do not want to wait until you improve your credit scores, he would need to buy the home on his own as investment property. I would be happy to discuss your credit situation and what is causing the low scores. My office number is: 651-762-3572.

Jul 31st 2014
by fyrcoug...

Btw our income is fine... home affordability calculator shows we can afford more than twice the home. This home is perfect for needs and I will be close enough to help dad whenever he may need it. And he offered I didn't ask, it's not a burden on him, I wouldn't do that

Jul 31st 2014

Yes, you have a couple options here to choose from. I would like to get some more information from you before making a recommendation. Contact me at your earliest convenience. WI: 715-656-4500 or Toll Free: 866-680-2840 Email: jbecker@progressivels.com

Jul 31st 2014

hi there:If your father is able to help, I would purchase the home and restore your credit at the earliest then refinanced in your own name but make sure you are on title with him on this purchase transaction. Your father with the higher credit score will receive a better rate not sure why they quoted u a high rate of an arm such as 6% 5 yr arm. If you plan to live there a long time, have you thought of a 30, 25, 20, 15 or even a 10 yr fixed. I would be glad to give u a comparison of all that so you may make a decision. If your father has no debt no problem qualifying for this loan especially..20% down is not needed ..minimum 3.5% maybe 3% can re-verify. Lending Nationwide (Mike 703 505 5300) NMLS 754875

Jul 31st 2014
by fyrcoug...

@mconvin...the %6 ARM is all the bank would offer

Jul 31st 2014
by fyrcoug...

@mcconvin could you email comparisons to me, so I can show him? fyrcougar @live.com

Jul 31st 2014

JUST SENT U AN EMAIL TO fyrcougar@live.com

Jul 31st 2014

HI THERE: CORRECTION ON THE 20% DOWN PAYMENT...SINCE THIS WILL PROBABLY BE CONSIDERED AN INVESTMENT PROPERTY SHOULD YOUR FATHER BUYS THIS, 20% DOWN PAYMENT MIGHT BE REQUIRED. MY APOLOGY ON LAST COMMENT.

Jul 31st 2014
by fyrcoug...

@ mcconvin not sure if this would need to be investment, second or possible first..as he owns his home outright

Jul 31st 2014

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