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Co-signer for Stated Income

I have been self employed as a hair dresser for 10 years. I am 24 and started working with my neighbors mom when my grandma passed away (I was 14 and had to care for myself as I was placed in foster care with not so great guardians). I have never had a bank account but I have saved $45,560 and want to purchase a home i have found in Stapleton, CO. Will I have to have a co-signer because I have no real credit history? Also no bank account. I do have one secured Master card. I got it at 18 and have a $12k credit limit. My FICO is 601. but I have no debt and i am happy to use the cash for all my down payment. by hellfire247 from Denver, Colorado. Dec 4th 2018 Reply

Rob Koellner (Rob_Koellner)
#17 ranked lender in Colorado - 38 contributions

Do you have your tax returns filed? Contact me directly at:Rob Koellneremail:

Dec 4th 2018
Chris Neuswanger (mtnmortgageguy)
#93 ranked lender in Colorado - 92 contributions

That's going to be challenging. My guess is yes you will need a co-signer. You will also need to open a bank account because the source of the funds have to be paper trailed in your name for at least sixty days (or two account cycles). Cash on hand is rarely acceptable. Good luck!

Dec 5th 2018
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed, but in general, a 601 credit score is low, but it's within the acceptable range for some loan programs.. but because it's so low, then it's likely there are other things on your credit report besides a secured master card. collections, judgement, unpaid taxes, unpaid student loans, etc... you could have a 750 credit score, yet with one of these deficiencies, you still might be denied.. What about taxes? do you file? Understand that to purchase a home, you primarily need 3 major things.. Income (supported by tax returns) Good/acceptable credit history (supported by a tri-merge credit report) and seasoned down payment funds (the cash used to buy your home with). realistically, without looking at the complete loan profile it's impossible to advise you. there is a program out there that will allow you to use your "mattress money" as down payment.. but only one that I'm aware of.. For just about every other loan product, those funds must be in YOUR bank account for at least 60 to 90 days to be considered. Try reaching out to a local loan professional and apply with them.. once they have all the info, they can advise you.. 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 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Dec 6th 2018
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