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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