co-signing

A mortgage loan is based on many factors, one of which is credit score. When a loan is being analyzed the lower of the 2 co-signers middle score is used as the score for the file. For example, Borrower 1 has scores of 725,682,742 and Borrower 2 has scores of 701,638,679. The credit score used in the file will be 679. That being said the higher your credit score the better the rates will be available to you. Higher credit scores do not mean you can get more money. The amount of money you can qualify for is mostly determined by the ability to repay. Otherwise known as your debt to income ratio. There instances where the credit score does play into loan amounts. When a loan amount exceeds 417,000 a lower credit score that may have been acceptable under 417,000 may no longer be sufficient for a "jumbo loan". Best Of Luck!

Your loan is priced by using the lowest middle score of all borrowers.. So in a co-sign situation, if one has good credit and the other has bad.. The lender will price the loan as a bad borrower.. all income will be taken into consideration, as well as all debt.. so it's possible to qualify for a higher loan amount jointly as opposed to individually.. keep in mind that co-signing is not intended for a folks with bad credit scores get approved.. it's intended for low income borrowers with good credit to get approved.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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