Posted on: 15th Jan, 2010 06:42 pm
i went into escrow and i have everything all set but need a co-signer.. and my husbands credit score is too low. is it possible for his brother who lives in colombia to co-sign?
Hi aermerc,
In order to co-sign on a home loan, one does not have to live in the property. But the non-resident co-signer must have a principal resident in the United States. However, there are certain exemptions allowed in situations where, for example, the co-signer is military personnel on an overseas assignment, etc. Thus, I think your husband's brother living abroad cannot co-sign on the mortgage to help you qualify.
In order to co-sign on a home loan, one does not have to live in the property. But the non-resident co-signer must have a principal resident in the United States. However, there are certain exemptions allowed in situations where, for example, the co-signer is military personnel on an overseas assignment, etc. Thus, I think your husband's brother living abroad cannot co-sign on the mortgage to help you qualify.