What is one potential option if you can't qualify for a loan by yourself?

Finding a co-signer can be a valuable option if you are struggling to qualify for a loan on your own. A co-signer is someone who agrees to take responsibility for the loan in case you are unable to make payments. This additional support can strengthen your loan application, as lenders see the co-signer's creditworthiness and income as added assurance that the loan will be repaid. This can be particularly helpful if your credit history is limited, or if your income is not sufficient to meet the lender’s requirements on its own. A co-signer with a good credit score can significantly improve your chances of securing financing and may also result in more favorable loan terms, such as lower interest rates.

Other options, like taking out a personal loan or investing in stocks, do not directly address the qualification criteria for a mortgage loan and can introduce additional financial risks or complications. Reducing your home search budget could also limit your options, but doesn’t solve the underlying issue of qualifying for a loan. In contrast, having a co-signer proactively addresses the qualification challenge by enhancing your overall financial profile in the eyes of the lender.