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Can a co-borrower live in another state and the borrower live in other?

My best friend wants to buy a home. He has no credit score and no payment history. Additionally owes NO-ONE. Can he borrow and I sign as a co-borrower even though I live in Va. and he lives in FL.? what are my obligations as co-borrower?
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April 10 2012 - US
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Answers (1)

My personal suggestion is for your friend to develop credit on his own instead of tying yourself down and co-sign for him.  Ask him to contact a lender who can suggest what he needs to do.  To co-sign is a big responsibility, if by any chance the buyer has to do a short sale or foreclosure you go down with him and hurt your credit.
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April 10 2012
 
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