Cosigner Questions

[catnip7]

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Does anyone know how banks require proof of income for cosigners, if at all? Just wondering because my parents are self-employed and all we have is last year's tax return...

 

[LovinPsych]

Well the loans I've signed up for USBank , Chase , PNC , and WellsFargo , they all just required the cosigner list they're employment info like address , telephone number , um how long they've been working , but nothing about taxes etc . thus far , my dad is employed and not self employed so I don't know if that may make a difference I just know with those places thats what was needed . They also wanted to know how much was made monthly then yearly . BTw the only reason i signed up to that many places is because they turn me down ( because ) of the co-signer I have been using .

I hope that helps out some .

Stephy

 

[catnip7]

If you don't mind me asking, did you get approved for these?

 

[LovinPsych]

Unfornutely no because my dad messed his credit up for so many years he had it fixed at the last minute Jan. 2008 and he was never approved so now i am stuck thinking of someone else to co-sign for me which forces me right now to go part time cause I only have a federal stafford loan and that's by myself no co signer was needed .

 

[osli]

Does anyone know how banks require proof of income for cosigners, if at all? Just wondering because my parents are self-employed and all we have is last year's tax return...

For normally employed people, most lenders will ask for a month's worth of paystubs, and maybe last year's tax return summary or W-2's.

For self-employed, add another year's tax return, or possibly a history of quarterly tax filings and/or P&L statements. Harder to do, but not impossible.

 

[catnip7]

I know times are tough for everyone. And we just have to keep the faith that this is what we want to do, to better the lives of others and we just have to keep believing that if our intentions are noble then things will work out.

Trying my best to believe that myself right now. Hang in there, everyone. 🙂 Thank you for your support and keep the advice a'comin.