First Time Buyer

Good morning! Well, I will tell you this. The general rule in the mortgage business is that co-signers can be added for income support, but not to enhance the credit profile of the borrower. Each borrower must stand on his/her own with regards to credit analysis.

This will not disqualify just help out her case. I add non first time buyers to help clients purchase with a non occupant buyer. We are a direct lender and servicer and have expanded guidelines and might be able to help her purchase without using your information. Feel free to contact me or get more information at www.michaeldiaz.us

She would still be a first time buyer.

Hey, nobody will tell you this, simple answer is, do not do it...with all of the properties you own and your tax returns...well, lets just say, you will be submitting lots and lots of docs, and you will become frustrated, but if your sisters credit is challenged...your income will not make up for her poor credit...lets just say this will not be easy...but I wish you the best of luck.....

Two concepts to understand: First there is a big difference between simply being a first time buyer, and being a first time first time home buyer using some sort of first time home buyer assistance program. If she isn't using any sort of special program, then it isn't really an issue. If she is using a special program, it may be an issue. Next, a person with good credit can not be used to offset a person with bad credit. All credit decisions in the mortgage world are based off the middle score of the lowest person. So if she has a 550 score, and you have an 800 score, everything is based off her 550 score. Your co-applicant status really only help increase possible qualifying income. Finally, I am not a fan of co-applicant in this situation. While intentions may be good on her part, you should consider why she has challenged credit, and how she may possible hurt you credit wise in the future. As you appear to be an investor, I'd suggest you buy it yourself, rent or contract for deed it to her, and when she is credit ready, have her get her own loan. I've simply seen way to many well intended situations end up in disaster. I lend in MN, WI, and SD. Visit me at www.Minneapolis-Mortgage.com