2007-07-13 02:21:53 · 5 answers · asked by Sailor 1 in Business & Finance ➔ Renting & Real Estate
Yes, a co-signer can live out of state. Not all lenders will allow co-signer on a mortgage and the ones that do do not always allow non-occupying co-signers. A non-occupying cosigner is one that will not live in the home. Therefore, you have to check with your lender to see what their guidelines are and what they will allow. If your current lender does not allow this you may want to talk with an experienced mortgage broker or an FHA lender to find a good lender for you.
2007-07-13 03:17:32 · answer #1 · answered by dzwreck 4 · 0⤊ 0⤋
The location of any co-signer is irrelevant as long as that person lives in the US. However, the credit standing of the co-signer is of utmost importance.
In the event of default, the lender will go to the co-signer for payment, since the co-signer is guaranteeing the first entity on the mortgage note.
Lenders are quite capable of suing a co-signer in any of the fifty states in the nation, regardless of location.
2007-07-13 11:24:42 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Yes of course. You dont have to live in the state where you own a house.
A co-signer is just another owner of the house. Think about it like that.
2007-07-13 10:13:13 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Legally they can. It is simply a matter of:
1) Are they willing to...
2) Are they acceptable to the lender
2007-07-13 09:36:38 · answer #4 · answered by rlloydevans 4 · 0⤊ 0⤋
I would assume so. Check with the lender.
2007-07-13 09:31:53 · answer #5 · answered by Mi Atheist Girl 4 · 0⤊ 0⤋