Requirements for a rental cosigner?

Question

What are the requirements of a cosigner for an apartment? Do they need good credit? Stable job? What kind of paperwork will they need to bring in order to be a cosigner?

Thank you

Answer 1

The landlord/owner will want to to a credit check on the co-signer.  

The co-signer should have good-excellent credit and stable employment.

No paperwork should be required if a credit check is done...except maybe ID and a Social Security card.

Answer 2

Yes they need a stable job good credit and to make the remainder of what you are lacking in rent ( even though they are not paying your rent)

My step dad co signed for my apartment.. Once you have made it a year without eviction or pay or quit notices you can have them taken off the lease or rental agreement in a year

Answer 3

Most landlords will only accept a cosigner/guarantor with good credit, stable employment, income to cover the rent and lienable personal property (a home).

Basically, the landlord wants a cosigner/guarantor that has something to lose, whether it be their credit rating, wage garnishment or a property lien. There is no sense in having a person cosign if their credit is not good, they do not have a stable job, have enough income or do not own real estate.

Answer 4

This all depends on the landlord.

A co-signer may not necessarily need excellent credit. If you have poor and your co-signer has fair I would believe that you would be okay. However, your landlord may increase your deposit if both credit ratings arent the best.

As for paperwork at a minimum you'll need both drivers licenses. As long as you know your SSN# you wont need to physically present it to the landlord.

Your landlord may request a paystub, but in my 5 years with 3 landlords Ive never been asked to supply one.

The requirements for the co-signer will depend on what your landlord (you might see a pattern here-practically anywhere in the US the landlord has the most rights, unfortunately. Thats why I hate renting and cannot wait to buy my own pad!) wants. Your landlord will probably want this person in the same state as your potential residence, but just so long as the landlord has the SSN# of the co-signer s/he can find them anywhere in the US if a collections process were to be initiated.

So basically, anything goes. I'd recommend that you ask your potential landlord what their requirements are. If they use a third party to review applications ask for their contact information (they are required to provide it) so that you can contact them for the information. Its a good idea to make sure your ducks are in a row because multiple credit checks can damage your credit rating.

Best of luck to you and remember: the landlord will most likely hold the cards. Get everything in writing, and .pdf every document that you get from your landlord so you have back up in case you lose anything.  

Answer 5

A co-signer fills out the same application, verifies employement and credit history.   They have to be able to pay for the apartment if the renter ends up being a flake.