Saturday, December 6, 2008

Are Co-Signers Allowed?

Q: Can a buyer have a co-signer on a loan if the co-signer doesn't live with them?

A: Yes, this is allowed for all loans, but the occupying borrower must be able to qualify for the loan by themselves if the loan is not an FHA loan. If the loan is an FHA loan, then the occupying borrower doesn't need a credit score, income, assets, or anything else, as long as the co-signer (who must be a relative) can qualify for the loan.

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