Home Buying in 11372>Question Details

Moo, Home Buyer in 11372

I am planning to buy coop but want to know about what is cosign? and how does it work?

Asked by Moo, 11372 Tue May 18, 2010

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Joseph C. Hastings’ answer
This is a co-signer on a mortgage loan. You refer to another person who's income and credit-worthiness would be required by a lender as your income and credit-worthiness apparently are not enough for the lender to loan to you only.

While this may work well for you as the co-signer is liable for any default as you are, the coop board may or may not be open to this arrangement. If your co-signer will be living with you in the coop, that may be more acceptable to a boad than a co-signer that does not live in the coop.

In any event, most boards are very particular in regards to people's income and credit. every deal has it's own problems and boards will take these things on a case by case basis. Good Luck.
0 votes Thank Flag Link Wed Jul 7, 2010
Moo
It is up to the broad and every one of them have thier own set of rules.

Fajardo Delacruz
Century Homes Realty Group LLC
347 932-0609
0 votes Thank Flag Link Tue May 18, 2010
Are you referring to a co-signer on your loan--if so a co-signer is needed when one doesn't qualify for a loan on his/her own--your loan officer and agent can explain more in detail--do be careful when purchasing any co-op--boards have their own financial requirements and other rules may apply, and just because you may qualify for a mortgage, it doesn't necessarily mean you'll qualify board requirements--your agent can best advise.
0 votes Thank Flag Link Tue May 18, 2010
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