Call the IRS for exact information. A cosigner is the one obligated to make sure something is paid, its their credit that gets ruined if you do not make your payments, its their responsibility to make all tlhe payments too. I would think they would be the one getting that credit. I cannot image a bank getting involved in this kind of loan with a cosigner, usually those are for smaller things like, rental agreements, car loans. Houses, loans of hundreds of thousands of dollars, especially in this day and age, I bet it will be extremely hard to find a lender to do that for you, or someone with fantastic credit, willing to take this on as a favor. You are already wondering if you cant make the payments, the gentleman thing to do if its allowed, is let that person take that credit as a thank you for trusting me and laying it all on the line for me. Great credit is very hard to repair, they really would be proving what a great friend they were, *and your already worried about them having to make the house payment right?