Qualifications to co-sign on a mortgage?

Are you sure you really understand what being a co-signer is? If the borrower defaults (does not pay), the ENTIRE amount of the mortgage becomes a debit to YOU! So, you want to be a co-signer and take a chance of having to pay the entire mortgage amount but you are not even of the deed to the home. Who, in their right mind, would ever agree to do this? Not me! You might, form a legal partnership to buy the house together. The contract would clearly state who owns what percentage of the home and what happens if someone fails to make their required payments. For example, if the other person makes all payments on time, you get a little cash for helping out. If, however, they fall behind in their payments (even one month), they forfeit all rights to the home and agree to leave so you can sell it quickly before the extra fees and such make it impossible to recover and makes your credit rating even lower.