A co-signer may not help if you have truly bad credit. When evaluating a mortgage application by two people, lenders often base their decision on the lowest credit score of the two, so a co-signer may not make much difference if you have a foreclosure or bankruptcy on your record.

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This could hurt your ability to get credit in the future, such as if you apply for a home, auto, personal, business or student loan or want to get a good rate on a credit card. Even if the mortgage payments are made on time and in full each month, being a co-signer on the mortgage can count against you when qualifying for future loans.

Non-Occupant Co-Borrowers Can Save Deals A rejection can leave you frustrated and angry, but a cosigner can help you qualify for a mortgage. If your mortgage lender allows non-occupant co-borrowers on loans, applying for a mortgage with a cosigner can help you meet the lender’s basic qualifications.

The non-occupant daughter will appear on the loan and with her additional income she can help her parents buy the home they really want. Finally, another common application using a non-occupying co borrower is for someone who is new on the job or has yet to find one.

The article described the situation of Tyson Hunter, who makes $41,000 a year and owes $152,000: His loan payments soon will top $1,000 a month–the amount of a small mortgage. and almost always.

Has someone asked you to cosign for their mortgage or are you looking to apply with a cosigner. There are some things you should know and think about first. source: sign Here: Applying for a Mortgage with a Non-Occupant Cosigner

States have been offering grants of matching funds to encourage lenders to approve mortgage write downs. organizing yourself, exploring aid program opportunities and then submitting a well-prepared.

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