If your credit history is atrocious and you spend money long before you get it, having someone co-sign your home loan is not going to solve your problems -- unless that person plans to move in with you. Co-signers, or co-borrowers, can help bring you up to the income needed to qualify for a loan, but guidelines can be very specific depending on the type of loan. Usually the key word is "occupancy." According to mortgage professionals, a co-borrower will not make bad credit good. People are often mistaken that the co-borrower's credit will solve the credit problems for the person planning on living in the home. If the person who is going to occupy the home has lousy credit, lenders don't care how strong the co-borrower's credit is. The days of finding a friend to co-sign for a loan at the neighborhood bank are long over. All persons who sign on the line are now deemed co-borrowers and are responsible for repaying the debt. Co-borrowing is a big commitment, and peopl...
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