500 credit score. 850 FICO co-signer. Can I get approved ?

[Anonymous]

I have a really low credit score and high DTI on paper (72%). However I have someone with a perfect FICO of 850 and a DTI of sub 10% and millions in the bank. Would I get approved with her co-signing ?

[Anonymous]

From what I understand when my credit was low I thought that with my mom or someone with a high score it would help me.  It actually doesn't though.  They use the middle score of the person with the lowest score. 

[Anonymous]

Sorry I didn’t mention the mortgage would be 150k

[Anonymous]

Wow so the co-signer technically would do absolutely nothing. That kinda makes a co signer near useless

[Anonymous]

I'm sorry to say on a mortgage the only thing that is good with having a co-signer is having the ability to obtain a higher dollar home.   Co-signer is good with vehicles and stuff but with a mortgage it's different.  I'm sure some of the lenders might pop in and help confirm or deny this.   I couldn't have my husband on my loan because his credit was below 600 so I couldn't include any of his income to obtain financing. 

[homeloanexpert]

We can go down to 500 for FHA but the max LTV would be 90%. We also have another NonQM Product that goes down to 500 but the down payment, rate and fees would be pretty ugly. It would be better if we worked on your credit for the next 90 days so we can get you at 580. At least at 580 you should be able to go 3.5% down instead of 10%. PM me if you have any additional questions.

[Anonymous]

No. A co-signer. With a good credit score will Not. Help with a mortgage. They the lower of the two. It does. Help if that person. Gets or gas s credit card that is long standing and is willing to put U on it. For a while (called. Piggybacking ) To raise ur score . I have been there done that . Some. Will average the two scores. In which case. U would. Only have a 625 score. Still. Out of range fir most mortgages. . Get a Credit repair or start writing letters ur self to get. Things old things removed.

[JVille]

Nope.... you’ve got Lots of work to do. You need to pay down your debt and examine exactly why your score is so low. The high DTI ie. Maxed out CC would be my 1st guess. Hopefully you do not have collections or late payments.