"Yes they do or if one has a bad credit score you may need to come up with a co-signer" This is incorrect advice, If a borrower has a credit score too low to qualify for the loan program for which they are applying, a co-signer will not help one bit. The question was very clear: "do both borrowers have to meet the min credit score?"
In certain instances, you may be able to improve your chances of obtaining a mortgage by making use of a co-signer. Having a mortgage application co-signer doesn’t necessarily guarantee you’ll get.
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This could hurt your ability to get credit in the future, such as if you apply for a home, auto, personal, business or student loan or want to get a good rate on a credit card. Even if the mortgage payments are made on time and in full each month, being a co-signer on the mortgage can count against you when qualifying for future loans.
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American International Group (AIG)’s mortgage-insurance subsidiary. a 10 basis point increase in required spreads for all mortgage products." By the way, Freddie Mac’s LP considers a non-occupant.
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If your mortgage application is a little bit weak, and you’re having difficulty getting approved, adding a cosigner to your mortgage could save the day.. It won’t work in all situations, but it does in most. It’s a common arrangement, particularly with first-time homebuyers, who may have fair credit and/or a less than perfect employment record.
While a spouse or life partner often takes out the loan with you, a co-borrower can also be someone who doesn’t live in the house with you. If you’re applying for an FHA-insured mortgage, for instance, your co-borrower could be one of your parents. This enables someone just starting out with minimal income to qualify for a mortgage.
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