My fathers credit score is 734 and he is retired. Can he assist me in buying a home if I have the income?
I have poor credit that I am working on raising. My score is 550. He doesn't generate a lot of income because he's retired although he has a great score. Is co-signing going to help with my (meager) salary of 56,500 or would it really not make any difference on a loan application? Thanks everyone it would be for a Sonyma or FHA loan that requires 3% down. In what way would using him help? Just for the rate?
Public Comments
- It might help, yes. Certainly can't hurt. Just make sure you can makle the payments or else you will screw over Pops' credit
- Hi, if you use your father's credit, that mean he will be the co-signer of the loan, and the home will probably be in his name. As another person answered, if you miss any payments it will go against your father's good credit score. Also, in this economy, a 56K salary is not meager.
