Cosigned loan and amount of monthly debt payment

[Anonymous]

If someone has cosigned for an auto loan and the payment is $200, how is that figured in when applying for a mortgage?  Do they figure half of it, because 2 people are responsible for the paymnent?  Or do they figure the full amount of $200 as each persons monthly debt payments? 

[RonM21]

That is.a good question. I actually tried to do some quick research for you on this but got nowhere. Hopefully someone with experience on this will chime in.

[iv]

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@Anonymous wrote:

If someone has cosigned for an auto loan and the payment is $200, how is that figured in when applying for a mortgage?  Do they figure half of it, because 2 people are responsible for the paymnent?  Or do they figure the full amount of $200 as each persons monthly debt payments? 

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If you mean that you cosigned for an auto loan with the same person you then applied for a mortgage with, then no, it's not "counted twice".  The debt would just be a common account that you share, counted once against your shared DTI.

If you mean that you cosigned for an auto loan with someone, and then applied for a mortgage on your own (or with someone else), then by default the entire amount would be appear to be yours.  You may be able to have it partially or fully disregarded, if you can document that the other person has been paying it (and will continue to do so).  YMMV. Talk to your LO.

(Remember, co-signing does mean that you can be held fully responsible for the entire payment/loan if the other person stops paying.)