What is a co-borrower?
A co-borrower is a co-signer who is individually and jointly liable for your loan. Since they are legally obligated, co-borrowers are normally trusted friends or family members of the borrower. In order to be a co-borrower for your loan, an individual must be at least 18 years of age, a resident of the United States, have a valid Social Security number and have a credit grade that is greater than both an E and your credit grade.
Related Questions
- What if a household requires a co-borrower in order obtain a mortgage from the member, however, the co-borrower either currently owns a home or has income that exceeds 80% of the AMI?
- Im confused about the terms "Co-borrower" and "Cosigner". Whats the difference?
- Is quick claim a way to remove a co-borrower from title?
