Idaho Borrower and Co Signer's Agreement
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FAQ
Although there might not be a required credit score, a cosigner typically will need credit in the very good or exceptional range670 or better. A credit score in that range generally qualifies someone to be a cosigner, but each lender will have its own requirement.
Considerations. An individual who appears on the promissory note and not the title to the property is a co-signer by definition.For these reasons, lenders typically require co-borrowers to sign the sales contract and appear on the title to a property.
In a strict sense, the answer is no. The fact that you are a cosigner in and of itself does not necessarily hurt your credit. However, even if the cosigned account is paid on time, the debt may affect your credit scores and revolving utilization, which could affect your ability to get a loan in the future.
Co-signers:Have no title or ownership in the property (house, car, etc.). Are legally obligated to repay the loan if the primary signer falls behind. Must have their income, assets, credit score and debt-to-income ratio considered in the loan application.
Contract Binds Because the signature indicates agreement, under nearly all circumstances the co-borrower must sign the sales contract. Otherwise, proof of the co-borrower's obligation does not exist.
Cosigning the loans counts as legally obligated to make the payments.
Cosigning a loan raises your debt-to-income ratio since you're basically promising to pay the loan if the borrower doesn't. It also puts you at risk for damaging your credit score and having your wages garnished for non-payment.
A co-borrower is different than a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property. In a loan application with a co-borrower, all of the borrowers responsible for the loan must complete a credit application.
Generally speaking, a cosigner will be on the loan documents, such as the note and the mortgage and deed of trust. The cosigner will not be on title to the property, and will not sign the deed. The cosigner's role is strictly on the loan application, and not with ownership of the property.