Having a co-borrower or cosigner may improve the FHA loan applicant’s chances of getting approved for the mortgage. Using a them is also a way for a borrower with established credit to help a less established co-borrower become a home owner under the proper circumstances.
Considerations. Cosigners do not get property rights to the home and cannot sell the home if you default. The cosigner must sign all loan documents except the security instruments to close on the house. Your cosigner is legally obligated to pay the mortgage note in the event you default on the loan.
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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.
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