for a first time home buyer with very bad credit can a co-signer with excellent credit help the situation?
to answer your question yes. I no longer owe anyone I just have the marks on my credit from stupid choices I made when younger. I make enough money to get a house and have had no credit cards for the last 3 years.
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If you have bad credit, then you shouldn’t be buying anything! Work on repairing your financial situation first. Owning a home is a “right”, it’s a privilege. Let me ask you a question, would you loan money to someone like you?
Its possible if you have the income to support the payments, but is not advisable for the co-signer as the amount goes on their credit score as if they owned the debt (which they do) and if you renig they will not only have to pay but their credit will suffer once again
Probably not. Hud no longer allows non-occupant co-signers.