Guarantor/co-signer | How to validate

[Emory Clayton]

When an applicant is needing a guarantor/co-signer, do you make the guarantor/co-signer fill out the same application as the one who is applying? I fill like the answer is yes, but wanted to know what everyone else does? I fill like my due diligence would require the guarantor/co-signer to fill out the application because I now have to vet them to guarantee rent payment. 

[Nathan Gesner]

Quote from @Emory Clayton:

Cosigners are screened just like any applicant, but they have to meet different criteria to ensure they can cover the financial side of things when the tenant fails. For example, I require cosigners to have a 680 credit score and they must have enough discretionary income to cover the rent they are promising to cover.

I have a separate Cosigner Agreement that they sign. I don't put them on the lease because they are not actual occupants, so most of that doesn't apply. The Cosigner Agreement states they are financially responsible, all communication will take place through the actual occupants, I don't deal with helicopter parents, they are responsible for payment of rent as well as any cleaning/repairs after termination, etc.

Don't forget it's not easy to sue a cosigner if they live in another county. 

[Emory Clayton]

Do you also require the initial applicant to have a credit score of 680? Or is the credit score higher for the co-signer? 
"I don't deal with helicopter parents" - Love this, excellent idea to have all communication flow through the actual occupants.
Can you elaborate on why its not easy to sue if the cosigner lives in another county?

[Nathan Gesner]

Quote from @Emory Clayton:

Personally, I only allow applicants to use cosigners if they are full-time students. In most cases, they are very young with no income, no credit history, no rental history, etc. Because of this, I don't hold them to the same standard as normal applicants.