Can I get a mortgage with poor credit but cosigner with credit scores of mid 700’s but high DTI?
I am recently divorced and reestablishing my credit. I had scores in the 620 range until I disputed some inaccurate items on my report. Cleaning them off dropped my scores to mid to high 500’s because of losing history. I also have limited income. My father offered to cosign a home for me; he has job history and credit scores in the mid 700’s but high DTI. Is there any way I can still get a mortgage? We want my name on the loan to help build my credit. I have to be out of my apartment where I have been paying $ 800/mo rent and can own a home for about $ 650. I have found my dream home but it is $ 80000. Any help or suggestions would be welcomed! I do have a down payment if necessary from my settlement but would like to not have to use it all on a down payment.
David S-First of all, by the time I would save 80k, the house would be double that price and most likely NOT for sale! Secondly, going into debt to OWN something is far better than paying someone else’s mortgage if I rent. And thirdly, did I mention I have 3 children who need a home as well? Maybe we can live with you since you suggested I ‘just move in with someone’.