Browse Our Site:
Search Mortgage Library:
Types Of Mortgage Loans Mortgage Lender Directory  +  Mortgage Calculators  +  Mortgage (ARM) Indexes Mortgage Market Survey
+ Find The Best Mortgage + Ask A Mortgage Related Question  +  Articles And Publications  +  Mortgage Glossary + Search Mortgage Rates +
Credit Grade Guide Historical Mortgage Index Data  +  Historical Mortgage Rate Data  +  Home Interest Rate Trends

Mortgage-X Forum


Mortgage-X Forum
Mortgage-X Forum
Search Forums |
You are logged in as a guest. ( logon | register )


Can a Spouse be a Guarantor instead of a Co-Signer?
Moderators: Mortgage-X

Jump to page : 1
Now viewing page 1 [25 messages per page]
   Types of Loan Programs-> Types of Loan Programs ~ General QuestionsMessage format
 
erin_a
Posted 12/20/2007 4:10 PM (#1677)
Subject: Can a Spouse be a Guarantor instead of a Co-Signer?
My husband and I are wanting to buy a single family home closer to where both of us work. We currently live in an investment property that I bought when I was single, a duplex, and that I intend to keep as a rental when we buy our new home together. The duplex mortgage and deed is in my name only. My husbands credit score is better than mine (thanks to an ex who knew my SSN and mothers maiden name), so we'd prefer to apply for the new mortgage in his name to qualify for a better rate. His score is Mid-700's, mine is Mid-600's. The problem is, he doesn't make enough money to apply on his own for the loan amount we would need, and I make way more money than him. If we co-apply, lenders force me to be primary because of my income, and therefore use my credit score to determine the rate. Is it an option, or would it even help if it was, for me to serve as a guarantor instead of a co-signer? My income is high enough for me to qualify for a loan by myself, just not with the best rate because of the score... Do they raise a rate based on a guarantor's score the same way they would if I was co-applying?
JohnI
Posted 1/8/2008 12:05 AM (#1694 - in reply to #1677)
Subject: RE: Can a Spouse be a Guarantor instead of a Co-Signer?
Posts: 92
Location: Las Vegas
Hi Erin,

The answer is no. With standard mortgage financing we can only consider the financial strength of the borrowers going on the loan. If you are not on the loan then you dont count as a positive for the loan.

Best,
John I.
sithburns
Posted 1/26/2008 10:27 AM (#1704 - in reply to #1677)
Subject: RE: Can a Spouse be a Guarantor instead of a Co-Signer?
Posts: 13
With a mid 600 credit score you should be able to get a rate in the low 6's fairly easily. Add your husband as a cosignor if need be to ensure your DTI is good and he will also add strength to your loan.

A conforming loan is a conforming loan and your rate with a score in teh mid 600's won't be all that different from his with a score in the 700's.

Just talk to an upfront mortgage broker and let them explain this all to you. You will be fine.
Jump to page : 1
Now viewing page 1 [25 messages per page]
Jump to forum :

Running MegaBBS ASP Forum Software v2.0 © PD9 Software


Mortgage professionals are welcome to participate!
Home  |  For Lenders  |  Contact Us  |  Disclaimer
Mortgage-X is an independent information service and is not affiliated with any lending institution.
Copyright 1998-2009 Mortgage-X.com
All Rights Reserved


(Delete all cookies set by this site)