Co-Borrowers & Co-Signers

Posted on January 2, 2009
Filed Under FHA Home Loans, Home Loans | 6 Comments

FHA rules for Co-Borrowers and Co-Signers are important to understand before when pre-qualifying a borrower for an FHA mortgage.

(see 4155-1 for complete explanation and rules)

Borrowers, Co-Borrowers and Co-Signers. Borrowers and Co-borrowers take title to the property and are obligated on the mortgage note and must also sign the security instrument. The co-borrower’s income, assets, liabilities, and credit history are considered in determining creditworthiness.

Co-signers do not hold ownership interest in a property, but are liable for repaying the obligation and must sign all documents with the exception of the security instruments. The co-signer’s income, assets, liabilities, and credit history are considered in determining creditworthiness for the mortgage and the co-signer must complete and sign the loan application.

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