Chances of getting approved for a mortgage loan?

Okay we'll I got turned down for a mortgage loan and they told me I was only 20 points away from getting approved. If I apply again but have my brother consign with me what are my chances of getting approved?

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  • 8 years ago
    Favorite Answer

    Do not get your brother involved in this.

    What if he needs a home of his own (or to buy another one) years from now?

    He would not qualify because this debt will equally count against him.

    What if he wants a car loan? Anything.

    Also know that if you are ever late during those 30 years of mortgage payments, it will affect his credit equally.

    You would be asking him for the next 30 years to not qualify for anything on his own due to this high debt.

    Also, if he has a home or debt already, he may not be helpful at all.

    Just ask here how to improve your credit.

    Your income will not qualify as long as you have collection items on your report.

    And if you are below 640, you do have collection items.

    Take care of them before they sue you.

    Debt does not just go away.

    If you have credit cards, pay them in full each month.

    Carrying balances is the fastest way to destroy your credit.

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  • Bill
    Lv 7
    8 years ago

    People do not usually co-sign for a home mortgage! If your credit score is within 20 points from acceptance you need to work on improving the score so you qualify. 20 points can be gained quickly and the lender should be able to tell you the best way to accomplish that ie paying off small outstanding loans or showing consistent payments for a set time period etc. Good Luck

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  • M W
    Lv 7
    8 years ago

    Your brother should refuse to co-sign. It is never, ever a good idea. Shame on you for even thinking of asking him.

    Wait until the time is right for you to buy a home and get a mortgage on your own.

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  • 8 years ago

    Only 20 points and they let you walk away Hmmmmm Im assumming it was a big bank lender its not that difficult to raise 20 pts if your in California email me. Onwards and Upwards!!

    Source(s): Mortgage Professional, CALIFORNIA Licensed
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  • 8 years ago

    do not bother now. Do one of two things and you are on your way;

    wait 4-6 mo while you make perfect payments on all credit obligations.

    then re-apply alone--never with a co-signer.

    seek out a lease option to buy property through a RE buyer's agent, never a dual agent.

    can guide further

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  • 8 years ago

    Depends. If he has good or great credit and good income then probably. If he has bad credit/ low income, then your chances are worse than before.

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  • Milton
    Lv 7
    8 years ago

    Ask them, not Yahoo. Is your brother someojne who they could collect fromk if you don't pay? It is about money not points.

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  • 8 years ago

    depending on the score we have been able to help those down to a 580 fico score , we are in Texas, depending where you are we may be able to help please call me at 210-524-2300

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