Is it better to just apply for a first time home loan myself or apply with a co-signer (who has bad credit)? Are there any banks that tend to finance first time home buyers more than others? Thank you.
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Is it better to just apply for a first time home loan myself or apply with a co-signer (who has bad credit)? Are there any banks that tend to finance first time home buyers more than others? Thank you.
try alone even if it is for less than you want. A co-signer
with bad credit won’t be be accepted as as a co-signer
Do your homework. Call the banks. Better yet, call a reputable mortgage broker. Level with them. They will find out the truth, because you can’t hide it. Stay away from someone who will lower your ability to get the loan, especially someone with bad credit. You will do better on your own.
You are absolutely best to apply alone. A cosignor ONLY strengthens the application if they are a good credit/good income cosignor. There are many programs for first time homebuyers, you can even use your rsps as downpayment, no downpayment, etc. They will look at your credit rating to determine whether you handle what you have now well. If you’re in Canada, I find Scotiabank, First National and TD to be best for first time homebuyers, but really most banks have programs for you.