How bad is one negative point on your credit report when applying for a home loan?

Unfortunately we co-signed a loan with my brother in law for his car, and he missed a payment (31 days) and the finance company reported it on my husbands credit. How bad does this look to potential lenders (mortgage). We already have a house, but are looking to move within the next few years. Anyone out there with lending experience from the home mortgage industry that can add some insight?
Please no solicitors

Register New Account
Reset Password