What docs does co-signer get at closing?

[Anonymous]

I am purchasing my first home & have someone in my family co-signing for me. I am wanting to know what forms the co-signer has to receive & what they will leave with, if any. It is an FHA loan if that makes any difference.

I am specifically wanting to know if they will have to sign/see/receive paperwork showing my debt/liabilities...I know that we will have to sign these forms, however I don’t know if we will individually sign & receive them, or if we sign ours personally as well as the other persons.

After originally applying & getting pre-approval letter, I was sent 15+ documents to sign before the loan could go to underwriting. One of the documents was a “Uniform Residential Loan Application” form..this listed all of my assets & debts/liabilities..but it only showed mine, it did not show the co-signers, he got one as well that showed only his. So just wondering if at closing they will be individual or if we will have to sign our own as well as the other persons & be sent home with those forms. Any insight is appreciated!

[JVille]

They are a Co-Borrower and will sign EVERY document you sign and will get a copy of every document signed in closing. There is no way to change this as in the Mortgage Lending world there is no such thing as a Co-signer or a Co-Borrower who is as liable as you are in the loan and will own the property with you.
I hope this helps.... FYI if you are ever late on the pmts you will not only ruin your credit but will destroy your Co-Borrowers Credit also.

YES it is likely it will all be on one disk given to each of you and in a package for each of you that you walk out of the closing with. You might talk to the Closing agent ahead of time and request you each get your own financial documents in your own packet at closing.

[Anonymous]

I am not worried about ruining credit as I have never had a late payment & do not plan on that happening. Am I incorrect in thinking that there is a difference between a co-signer & a co-borrower? From research, my understanding is that a co-borrower is more similar to a ‘joint applicant’ meaning they are both purchasing together & that person would be on the deed..where as a co-signer is in simple terms ‘vouching’ for the applicant & is not on the deed & does not have access to the loan. Is this incorrect?

[JVille]

https://www.fha.com/fha_article?id=239

You need to make sure you are dealing with a Lender who will allow a co-signer.