What Are the Requirements for a Cosigner for an Apartment

Deciding whether or not to take co-signatories is not an easy one. Although it offers you a wider pool of tenants in times of rigor, it could open you up to a difficult tenant. To avoid the latter, perform the same checks on the co-signer as on the tenant. No Nonsense Landlord points out that a co-signer does not help manage the risks associated with a tenant`s personal behavior, which is separate from financial risk. For example, a co-signer will not help solve problems such as noise complaints, undeclared behavior or shutdown of public services. Nevertheless, you should carefully examine your customer. With TransUnion SmartMove, you can filter potential tenants and co-signers in minutes without having to store their personal information. SmartMove provides a credit report for tenants, a criminal rent history review, and a national eviction report so you have a more complete picture of their history. With TransUnion`s reliable information, you can feel more confident in your decision to accept a tenant with a co-signer. A co-signer is like an insurance policy. If the tenant does not pay rent, the co-signer is responsible. However, will the potential tenant be a good tenant? If the landlord or landlord needs a co-signer, don`t be afraid to ask why so you can see how to fix it. Sometimes there are certain points in your credit score that you didn`t know about, like .

B a pending invoice or a missing payment. Better credit means more housing options. While there`s no «quick fix» to improve your credit score, with a little work, it`s certainly doable! This will make it easier for you to be approved if you continue your search for an apartment. Sometimes tenants sublet an apartment, and in this case they already have a lease, so there is no co-signature requirement for this type of agreement. RentPrep compares a co-signer to insurance if you`re considering an applicant who might not meet your rental criteria. According to You Check Credit, a reasonable co-sign agreement should make the co-signer jointly liable for all of the tenant`s financial obligations, including deposit, rent, fees and expenses related to damages. Are you ready to find the apartment of your dreams? Irvine Company has beautiful apartment communities in Orange County, San Diego, Los Angeles and Silicon Valley. A co-signer could help you protect your rental income while being more flexible with your rental criteria. For example, students or young tenants may not have had enough time to establish their credit history. There may be other circumstances, such as medical bills or unemployment, that make an otherwise good tenant look risky on paper. You may be wondering, «Wait, what does this bring to the co-signer?» Honestly, not much.

Aside from a potential benefit to their credit history, co-signers are simply trying to help their loved ones. So be sure to choose your co-signer wisely. This guide explains what a co-signer is, when someone might consider a co-signer when assessing an applicant, the pros and cons of having a co-signer in a lease, and how to review tenants and their co-signers. If you do not meet the minimum income requirements, have not established credit, or have a poor credit score, the co-signers sign the lease with you and assume financial responsibility in case you do not pay your rent. A co-signer must have a good credit rating, be able to prove their income and prove that they are able to pay for the apartment if necessary in addition to their own financial obligations. A co-signer can be your parent, spouse or friend. Anyone who is willing to be a co-signer can be. Relatives and close friends are usually more willing to co-sign your lease.

Whoever you ask to be the co-signer should have good credit and a stable income, so they are more likely to be approved. Believe it or not, landlords often have stricter requirements for co-signers than for the original applicant. A safe bet to find a co-signer who passes your landlord`s inspection is that the co-signer has a credit score of 700 or better. It can be uncomfortable to ask the co-signer what their credit score is, especially if you`re asking them to do you a big favor by signing in the first place. Now, if there is a co-signer, the landlord must assume that the co-signer will also pay their own rent or mortgage and sign up to cover your tenant`s rent in case something happens. The co-signer must have an income that can cover both his apartment and the tenant`s rent. Ask the co-signer to provide you with a copy of their lease or mortgage statement so you can make an informed decision. According to Nolo, a co-signer is a person who is supposed to make the rent payments if the tenant doesn`t pay. .