Buying A House Without Coborrower
by First Time Home Buyer from USA
Regarding Buying A House Without Coborrower: Dear Kate, I am buying a house and am a first time home buyer at the age of 27. I have been at my full time job now for 4 years. Prior to this job though I declared bankruptcy due to some poor choices in other lines of employment.
I have been trying to get my credit back up with a car loan for a year as well as opening a secured credit card.
I plan on saving $4000 for a down payment this year but I have no coborrower. Are there ways to get a home without anyone coborrowing with me? I cannot think of anyone who could be able to. What should I do? Signed, First Time Home Buyer
Kate Answers: Buying A House Without Coborrower
Dear First Time Home Buyer, Has a lender told you that you need a coborrower or are you assuming you do?
There are a lot of mortgage programs and I may not be aware of one where coborrowing compensates for a fairly recent bankruptcy of the primary borrower.
But whether or not you have bad credit in the past, whether or not you think you need a coborrower, my best advice for anyone buying a house is mortgage pre approval. A strong mortgage pre approval can shake out issues and give you a game plan before you make an offer on a house. It signals to a top rated real estate agent that you are serious about becoming a first time home buyer.
You may find a coborrower is not necessary or perhaps you will find an alternative. Either way, find a reliable home loan lender for mortgage pre approval.
And congratulations on finding a good job, reestablishing your credit, saving a downpayment and pursuing home buying.
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