Apartment Lease With Cosigner In Phoenix
Description
Form popularity
FAQ
signer typically stays on a lease for the entire duration of the lease term, which is usually one year for most residential leases. However, the specific duration can vary depending on the terms of the lease agreement and the policies of the landlord or property management company.
A cosigner can be a person who lives in the apartment, such as a roommate or partner, but they can also live elsewhere and simply step up financially if you fall short. A cosigner will need to meet a few general qualifications, including: A good credit score, usually a score of 720 or above.
Although requirements can vary by lender, a cosigner typically needs to have good to excellent credit (670 and up) to cosign a loan or credit line. Lenders look at a cosigner's credit score and report as well as their income and assets to determine whether they qualify for a loan.
That safety net makes it easier for a hopeful tenant to get approved for an apartment, especially if they don't have a strong rental history or an income that meets the landlord's requirements. The most common example is a parent co-signing for their child's first apartment since the child has no rental history.
Most landlords seek credit scores of 650 or higher as a sign of tenant responsibility. Applicants with scores below 600 may face additional hurdles in securing approval. Exact minimum thresholds vary widely depending on factors like the type of apartment, current occupancy rates, and the landlord's discretion.
There are other issues with cosigners that affect tenants and landlords negatively but adjudicators nullifying their financial guarantees is the primary reason that landlords avoid them.
While an apartment lease isn't a loan, it does represent debt in the form of monthly payments. Co-signing a lease is a common way to help friends or family get approved for an apartment and comes with important obligations for the cosigner, so you should understand how co-signing a lease works before you agree to it.
Put simply, a cosigner is a person who can guarantee a loan or a lease for a borrower who has poor credit or no credit. If the lender thinks you are a risk for their investment, a cosigner can help you get approved.
It absolutely can matter. If you need a cosigner, a landlord may not rent to you because they will predict that you may not be a responsible tenant.
A cosigner could help you get approved for an apartment if you don't meet your landlord's financial requirements.