Friday, April 18, 2014

Does a co-borrower on a mortgage need good credit?


Ok so my partner and I are attempting at getting our first home. He has really good credit and was told he qualifies, however, due to some stupid things I did 7 years ago I don't have great credit and I do not qualify. My question is if I am a "co-borrower" do I need to qualify to be in the loan? My partner said if not he would get the loan in his name, but if he does that then technically I would have no rights to the home right? How should we do this? I realize I need to work on my credit, but I have also been advised by a professional that since most of what is hurting my credit is so old I should just waiting and let them fall off of my report. This has been so frustrating! Any suggestions are appreciated. Thank you!

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