co-signer changed mind
my co-signer changed their mind after we had been approved. will this also change my approval? my credit score is low, 480, so I had to have my sister co-sign. my income is $89,500 + annual bonus 22% of my pay. this will be my first home. by aibrahim734 from Laughlin, Nevada. Jun 5th 2019
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
It is likely the lender that granted you approval will reconsider. You must reach out to them sooner, rather than later to let them know of this material change. Depending on the factors that make up your lending profile, you may still be OK, but only the lender can tell you for sure. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California and Washington ~ www.ApplyYes.com 888-889-9950
Aundrea Beach-Greco (aundreabeachgreco)
#6 ranked lender in Nevada - 36 contributions
Yes, with that score you need a co-signer
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
More info needed, but in general... a cosigner does not help if you have low credit scores.. they typically help when you have no credit, limited credit or limited income. That being said, If the approval was issued with a cosigner, and the cosigner wants out.. then yes.. that would affect your approval. You need to call your lender right away and see what can be done to save your deal. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893
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