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Can my wife put me down as a guarantor is instead of a cosigner?

by scitext408 from Camp Crook, South Dakota. Nov 13th 2020 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,409 contributions

In the standard mortgage world, you would officially be known as a "Non-occupant co-applicant". You would be in title to the home, the mortgage will show up on your credit report, and you are 100% responsible for the loan. I lend in SD, ND, MN, WI, and IA. Find me at iMortgageJoe.com - NMLS 274132.

Nov 13th 2020
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

The short answer is 'No', not in the Mortgage Lending world. Typically, guarantors are used on Bank loans for commercial products. As an example, a company needs an equipment loan. The bank may require the owner of the company to guarantee the loan. The loan is to the company, but if the company fails to re-pay, or go out of business, they bank would then look to the guarantor. Loans such as this do not meet the underwriting guidelines of all of the entities that buy or insure mortgage loans. This means the loan is not sellable to Fannie, Freddie and is not acceptable for FHA, VA and USDA loans. If you want to assist, you will have to be a co-borrower. The loan would in the name of the primary borrower(s) and you, and you would be impacted if the primary borrower failed to pay on time as the loan would appear on your credit report as well as their report. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except VA and we're pending approval in MA and NY. ~ www.ApplyYes.com 480-889-9000.

Nov 13th 2020
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