From Ariel Melendez:
A Co-Borrower is going to be on the loan, occupy as primary or non primary, and be on title…they will sign all our docs
A Co-Signor is going to be on the loan, can occupy as primary, and cannot be on title…they will sign all our docs except the mortgage and a few others
A Non-Borrowering person is not on the loan, but is on title, and have to sign our mortgage and a few other docs
A Non-Borrowering spouse is not on the loan and can be on title…they don’t have to be on title…and have to sign our mortgage and a few other docs
Co-Signor Additional Requirements:
The program may not allow a NOTE ONLY CO-SIGNOR ***The UW must be aware and approve***
The Note only Co-Signor's 1003 can state they DO intend to occupy the property as their Primary home
A Note only Co-Signor will not appear on the mortgage, title, contract, Warranty Deed or Insurance, as they have no ownership of the property...they are only on the debt to the property
They do not sign the mortgage, but they MUST SIGN THE NOTE
The Note only Co-Signor needs to be labeled as a Co-Signor so our Closing Docs will print correctly.
See Borrower Vesting Screen - Co-Signer as borrower type in drop down option:
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