Can some one answer this?

Question

me and my friend want to get an apartment but will need a cosigner. i dont know if my mom makes enough for what the rent is so would it be possible to have 2 cosigners? could i have my mom and dad do it as long as both of there income combined is enough for the rent? and there house isnt payed off yet but it woulnt have to be payed off for them to cosign would it?

Answer 1

Usually the apt management won't bother trying to get you in if they feel like you are too big a risk (which why you need the co signer) And the co signer is supposed to be kind of like their insurance that someone will pay if you can't... but if their income is not enough they may not even bother with you. All you can really do is try. But as for their house having to be paid off, NO it doesn't have to be paid off. But when a credit check is run on you and your co signer the payment history can come into question. Like do they pay on time all the time or are they usually late and always behind. It could help or hurt you depending on their situation. Also, as for needing two

cosigners in most cases, (as long as your mom and dad are legally married) they assume the income of one is reflected on the other unless that is otherwise stated when their credit is checked. They are asked before hand if they have any "other income' that what they make and whether or not their spouses income can be included as well. SO it is still worth trying if their credit is good. Regardless if you get in don't mess up your co signer's credit.  I hope this helps a little. Best wishes!

Answer 2

The cosigner has to have good credit.  They could make little money a month, as long as their credit is good your fine.  Now if you dont pay your rent they will go after your parents for the money.  So make sure you are able to pay.  If anything look into a few apartments first before you decide on this one.