Does my cosigner have to be a homeowner?

No, your cosigner does not need to be a homeowner; however, homeowner cosigners are more likely to be accepted.

A suitable cosigner has a credit score of 700 or more and a good history of paying their bills on time. Homeowners with a lower score can also be accepted if they have a strong payment history. Of course, they must be able to afford the monthly repayments if for any reason you don't make them.