Legal Question in Real Estate Law in Minnesota

Extent of liability when co-signing a mortgage

My husband and I are moving cross-country and buying our first home, and just found out the credit crunch has made my income as a ''trailing spouse'' ineligible for consideration. (To be safe, I was going to keep my stable job here until my husband was settled, and then move and job hunt on my own.)

Anyway, we can pay the mortgage, have good credit, and a down payment, but are being told we need a co-signer to buy since my income doesn't ''count.'' My mother is willing but my father is concerned about whether co-signing on a loan would make him liable if someone were, for instance, injured on my property and sued me over it.

As a co-signer, is his liability limited to the principal, interest, and fees that would result if payments were missed? Or are there other ''gotchas'' he should be concerned about?

Thank you in advance.

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