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Using a Co-Borrower 

Using a Co-Borrower can be a great way to let you buy a home before you can fully qualify on your own. The Co-Borrower(s) will be put on the title and will be obligated on the loan just like you.  Of course if you make your payments as agreed, they will never have to be concerned.  After you get the loan and have lived in the property for a year or two, assuming you have made your payments on time, you may be able to refinance the loan and take the co-borrower(s) off of the loan.  If you don't refinance it, but sell it, and pay off the loan, their contingent liability is eliminated.  It is an amazing fact that most loans are paid off in 5 to 7 years in the United states.  We are a very mobile and restless society.  So even though your mortgage might be for 30 years, almost no one every keeps a mortgage that long. 

Of course, if the co-borrower happens to be your spouse, you probably don't want to take him or her off the loan.

Co-borrowers can be a spouse (usual case) and also parents, friends, room mates or possibly a community organization like a church or a government agency that assists people buying homes.

If you do use a Co-Borrower, simply put your name in the box titled name of Primaryborrower for your own questionaire.  Then run another questionaire for each of the co-borrowers and again put your name in the name of Primary Borrower.  The most important thing is to include their social security number so a credit report can be run to tell if they will actually help.  If a person has worse credit than you do, it probably is not a good idea to include them as a Co-borrower.  Hopefully that won't be the case.  We want you to get the loan and we'll check it out and let you know.