If you're applying for a rental property, learn when and if you might need a co-signer.
Co-signers are used in rental applications if the primary applicant(s) cannot meet the requirements in their entirety to provide additional support to the applicant's credibility.
Some of the instances in which a co-signer is required or encouraged would include:
- Applicants who do not have a minimum 600 credit score.
- Applicants who have no credit history.
- Applicants who do not have a combined net income of 3x monthly rent can apply with a co-applicant (i.e., another resident).
- Applicants who have a recent charged-off account or account in collections.
In all other cases, a person may opt to add a co-signer, but this does not mean the application will be accepted simply because a co-signer qualifies.
What does it mean to be a cosigner?
You should understand your co-signer liability before agreeing to apply as one. While you will not reside a the property, the amount of the debt will still be your responsibility should the other applicants fail to pay.
You will apply in the same manner as an applicant, meaning your credit will be pulled, your income will be verified, and your social security number will be required, as well as a valid government-issued ID and your bank statements.
You cannot be used as a qualified co-signer if you do not fully meet our requirements and qualifications.