I just got off the phone with my dad. We've abandoned the idea of getting a loan through a bank because we need him to cosign with me for a decent interest rate, and banks hate that. So we've been talking to a broker... real nice guy.
As it turns out, I have AWESOME credit. I guess credit is based on a number between 0-900. Basically, it's impossible to have a rating of 900. You would have had to have paid off all your vehicles, credit cards, house, and be in debt to absolutely no one, never missed a payment or been late, etc. 720 is considered way above average. It's illegal for him to tell anyone else your credit rating, so all my dad got out of the guy was that mine was above 660, which is considered excellent.
Proof that you can be a broke ass and still have good credit.
Anyway, the reason he gave away the 660 number is because, if your credit is above 660, you can take out a loan in which you don't have to reveal your income or other debts. This is good for me since my income is basically non-existant these days. The broker said I could go ahead and get that loan, by myself, for a slightly higher interest rate.
But, I don't see the point. If my dad cosigns, it will lower my payment by about $60/month. I'd rather have lower payments, since being the only one on the loan is basically a pride thing and nothing more.
We're looking at a house tomorrow. My dad suspects we're going to put a bid in. We'll see.