A. Yes, a co-signer does not always have to be a spouse or a family member. Anyone is who is willing to assist you is allowed to co-sign. That person does have a financial obligation to the loan. This means that if for any reason you can not afford the payment then the co-signer will have to make the payment. If payments are not made or you make the payment after the due date then it will report on this person's credit report just like it reports on your credit report.
A. You would have to refinance the property under your own name. It is extremely important that you try to maintain copies of cancelled checks or payments to show the bank that you personally have been making the payments. This will help in the case of having a lower credit score or a higher debt to income ratio.
A. When the cosigner signs for you, they are obligating to a monthly debt. This will be incorporated into there monthly obligations or to there DTI (debt to income). One way that the co-signer can possibly have the debt excluded from the DTI is to show that the main borrower, meaning you has been making the payments on there own. The bank usually wants to see 12 months worth of payment history.
A. No, although any borrower or co-borrower must be at least 18 years of age or older.
A. Yes, there is no rule that says the person can or can not live in the home. FHA will actually allow you to have multiple co-borrowers.