Do I really need a co-signer?

[EarlyEditionDude]

Advertisement - Members don't see this ad

If I have a good credit score, say 730, will I need a co-signer for private loans?

 

[edmadison]

Originally posted by EarlyEditionDude
If I have a good credit score, say 730, will I need a co-signer for private loans?

You will if you don't have the requisite income. My credit score was 800 and I needed a cosigner --- even though I had the assets to cover twice the sale price of the house. I hate bankers.

Ed

 

[mpp]

Try shopping around. I qualified for up to a $140,000 mortgage with no income and no cosigner. Interest rate was only slightly higher (I don't remember how much but my rate is only 4.65% on a 7-year ARM). They called it a no-documentation loan, for people with good credit that don't want to reveal their income source. I only had to sign a paper that said I had the money to make the payments. They offered 103% of the sale value as well if I wanted to take out a HELOC and again with no need to provide a source of income. This was at countrywide. So, it is possible, just check around.