• Co-signing
  • Mortgages
  • Home Equity and Refinancing

Can a first-time home buyer have a co-signer?

User Avatar

Wiki User

βˆ™ 2006-07-27 23:11:45

Best Answer

Yes, and no they do not need be on the title. But remember if you borrow money from the the cosigner make sure to get clear gift allotment numbers and make sure to find out asap if the bank needs the money to be aged or not. yes!

2006-07-27 23:11:45
This answer is:
User Avatar

Add your answer:

Earn +5 pts
Q: Can a first-time home buyer have a co-signer?
Write your answer...

Related Questions

Who has to have insurance on the car the cosigner or the buyer?

You insure a vehicle. The buyer. The only thing the cosigner is responsible for is paying the bank back the money it loaned if the buyer doesn't. The principal driver of the vehicle who should also be the buyer.

Does the buyer of a car have to have a job if they have a cosighner and for how long?

if you have a good cosigner then all that matters is their credit and work history... if you renage on the deal they go after the cosigner

Does the cosigner on a mortgage need to be on the purchase and sale so the seller is aware of a cosigner?

That is an issue between the mortgage company, the buyer and the cosigner. The seller's only worry is selling the property and getting paid.

Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?

No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.

How can you find out if you are a co-buyer or a cosigner on a car loan and would your name be on the title and registration if you are a cosigner?

Easy, you can check your own credit report OR go to a registries office and do a quick search. A simpler method is to ask the person that is the primary borrower/buyer or call the lender. Either a cosigner or co-buyer can be listed on the title depending upon the agreement made by the persons involved. The title to a vehicle determines ownership, a cosigner generally has no vested interest in the property only the responsibility of the debt.

Can a lender call the home number of a cosigner in order to verify the information of the cosigner?


Does co-buyer mean the same as co-signer or is it just to show how much income is in the home?

No. A co-buyer owns part of the property, how much a portion depends on how the title is worded. A cosigner is pledging equal responsibiliy for the debt if the primary borrower defaults on the loan. Even if the primary borrower declares bankruptcy the cosigner might still be responsible for a portion or all of the debt.

If you are the cobuyer of a car and also the cosigner and you have made all the payments and are ahead can the other buyer take the car?

Daughter and husband are getting divorce and she is the co-buyer can she take it out of state

Is a cosigner liable for a death if the car has no insurance?

No, a co signor would not be liable. A co-buyer would be liable.

Can a cobuyer refinance a auto loan and remove the buyer from loan?

Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.

If there are 2 purchasers on a home and only one is a first time home buyer can first time buyer get first time home buyer tax credit?


Does a cosigner have any legal rights to sell your house if there has never been a missed payment or late payment?

No, a cosigner has no legal rights to the property unless their name is on the title or deed. A cosigner is accepting the responsibility of the debt if the primary borrower defaults; a co-buyer/borrower is a different matter entirely.

Is it a good idea for a first time buyer to have a cosigner?

For the first-timer, yes; it gives you security in case you can;t do it and will make the bank more likely to consider you. For the cosigner, you better make sure you can keep your word as well.

Do you have to have a co-signer if you are a first time buyer?

no It's not required unless your credit is poor.The lender will tell you if you need a cosigner.

Is it only proper to buy a gift for the first time home buyer or every home they buy?

yes every home Buyer

Can the cosigner sell the home if payments are not being made?

Absolutely not!

What if 18 year old cosigner for an auto files bankruptcy when buyer defaults - Oklahoma?

Both have a problem and the car will be picked up by the bank.

What is the average age of a first time home buyer?

what was the average age of a first time home buyer i n 1999

As a firsttime offender convicted of DUI OWI you could face?

c. both

Is it better for a person considering cosigning on an auto loan to be a co-buyer versus cosigner?

Yes, because then they have a vested interest in the property, whereas a cosigner usually has no legal rights to the vehicle and is only agreeing to assume the debt if the primary borrower defaults on the contract.

Can a trailer home count as a first time home buyer?


If the cosigner of a home loan dies will the bank go after his estate for repayment?

My belief is that as long as the mortgage is paid on time by the borrower, there would be no reason to go after the cosigner estate.

First home buyer should wait how long before refinancing?

First home buyer should wait how long before refinancing?

If the primary buyer refuses to make car payments and drops the car off to the cosigner What is the cosigners responsibility?

To make the car payments. Just be glad you have the car too.

Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?

No. The cosigner would have to apply for a loan in their name using their credit, income data.