When is a Co-Signer Necessary?
In order to qualify for a rental lease, some renters may need to find a co-signer. A few property management companies do not allow co-signers on rental leases, but Drake Properties does. The following describes how to get a cosigner for a house or apartment.
What is a Co-Signer
First of all, what is a co-signer? A co-signer is a third party who also signs and guarantees your lease. It is not necessary that he or she occupy the rental property, but they do become equally liable in the event you are unable to meet the rent requirement. You may be surprised to realize that the co-signer is indeed responsible in ensuring that you meet the terms of your lease. It is very important to choose the right person to do this for you. Parents, grandparents, and adult children frequently serve as co-signers for family members. Any of these options is great as long as they understand their responsibilities if for some reason you are unable to pay rent.
Secondly, when is a co-signer needed? A co-signer is usually only necessary if for some reason the potential renter does not meet all the criteria on the lease. This could mean not meeting the requirements for income, employment, credit, etc.
Who Can Be a Co-Signer
Finally, who can be a co-signer? He or she must be a homeowner and have a credit score above 700 to be qualified. Additionally, they will need to pay the application fee. Only one co-signer is expected for each application that requires it. He or she must answer all of the application questions fully as incomplete applications are rejected.
While it may seem embarrassing for your landlord or property manager to ask that you find a co-signer, it does not automatically define you as a bad tenant or point to a character flaw. It is helpful to think of a co-signer as a form of insurance for the landlord. This way, he or she will be comfortable renting to you if you do not meet any part of the criteria asked of our renters.
For more information about co-signers, don’t hesitate to contact Drake Properties at (951) 373-2500.