Definitions
Guarantors and co-signers are credit applicants who
- do not have ownership interest in the subject property as indicated on the title;
- sign the mortgage or deed of trust note;
- have joint liability for the note with the borrower;
- do not have an interest in the property sales transaction, such as the property seller, the builder, or the real estate broker; and
- meet the requirements in B2-2-01, General Borrower Eligibility Requirements, except for the provisions related to establishing an ownership interest in the property. B2-2-01, General Borrower Eligibility Requirements
Non-occupant borrowers are credit applicants on a principal residence transaction who
- do not occupy the subject property;
- may or may not have an ownership interest in the subject property as indicated on the title;
- sign the mortgage or deed of trust note;
- have joint liability for the note with the borrower(s);
- do not have an interest in the property sales transaction, such as the property seller, the builder, or the real estate broker; and
- meet the requirements in B2-2-01, General Borrower Eligibility Requirements, except for the provisions related to establishing an ownership interest in the property.