What is the purpose of "co-signer" in a puchase loan?

We have been told we do not qualify for a home loan because of credit score. We have a cosigner (my brother in law) but have been told that a cosigner doesn't matter until you are already approved for loan on your own. A cosigner is good for getting better interest rate? Is this correct? Is cosigners credit score not a factor when applying for loan?? by cosigner17 from , . Aug 19th 2009 Reply