Cosigning, Everything You Need to Know to Get Started

DDA Mortgage • May 20, 2018

Someone wants to buy a home and they say my credit
isn't so good. BUT, I have a family member that's got great credit and great income. 

Can they cosign? The short answer is no, but here are some things you can do...

Check out our latest update about mortgages and cosigning.
  • Transcript

    let's talk about cosign you have someone that wants to buy a home and they say my credit

    isn't so good I have a family member

    that's got great credit great income can

    we have them to have that cosigner work

    with them the answer is no when you're

    doing a cosign please keep in mind and I

    get it all the time you have to have the

    minimum credit scores you have to have

    the income the credit and the financial

    balls we're about to get it done so for

    example someone wants to get help in

    buying a home but they want to get a

    family member to help cosign maybe their

    income isn't showing all the strengths

    that they have although they can afford

    it that parent can help cosign for them

    but you have to remember everyone's

    gonna be on title everyone's gonna be on

    the sales contract and everyone's

    responsible for the note so a lot of

    times maybe someone out of college

    buying a home needs to get a cosigner to

    help out that's great but you know one

    of the things you may want to consider

    after two or three years is probably

    refinancing and relieving that cosigner

    off of it when we talk about cosign that

    doesn't mean that person has to live in

    the home a cosigner is a non owner

    occupant cold borrower meaning they make

    all their own homes live forever but

    they're helping sign with them on the

    mortgage but they're not planning on

    owner occupying the home that is

    absolutely fine and great so co-signing

    is a wonderful tool but remember

    everyone's got to have the credit and

    they take the debt and the income of

    both parties to make sure that they

    qualify as long as it all pans out and

    qualifies through the ratios given

    through the guidelines you can cosign

    for a loan but remember you are on the

    note you are on the contract and you are

    on the deal have a great day and a great

    week

Check out our other helpful videos to learn more about credit and residential mortgages.

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