A co-borrower's income may be counted if it meets the loan program and lender requirements. The lender also reviews that person's debts, credit and other application details. Adding another borrower does not automatically increase the amount available or guarantee approval.
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We plan to buy together
The lender reviews both borrowers, not just the extra income. Debts and credit can change the overall result. A co-borrower also takes responsibility for repaying the loan. Review the loan documents before agreeing.
Get the facts
Explain who will apply and who will live in the home.
Review the requirements
Provide the requested income, debt and credit records for each applicant.
Confirm your next step
Ask which income can count and how the full application is reviewed before choosing a price.
More incomeAThe lender reviews both borrowers, not just the extra income. Debts and credit can change the overall result.Details +
A co-borrower's income may be counted if it meets the loan program and lender requirements. The lender also reviews that person's debts, credit and other application details. Adding another borrower does not automatically increase the amount available or guarantee approval.
A full reviewBRules for a borrower who will not occupy the home vary. Do not assume every program permits the same arrangement.Details +
Changes for either borrower can affect the application. Earlier figures may need an update.
What Is Mortgage Preapproval?
Preapproval is a lender's tentative statement about a loan amount based on information and assumptions reviewed. It can help you shop, but it is not a guaranteed mortgage or approval of a particular property.
How Do HOA Fees Affect Buying a Home?
Homeowners association fees add to the cost of owning a home and may be part of the lender's review. Ask about regular dues, planned changes and special charges. The mortgage payment alone may not show the full cost.
Can I Buy a Condo With a Mortgage?
A condo may qualify for a mortgage, but the lender reviews both your application and the condo project. The unit, building finances, insurance and loan program can affect the result. Ask about the project before relying on a price or letter.
A few good questions
Does the lender count only the extra person's income?
No. It also reviews that person's debts, credit and other application information.
Can a borrower who will not live in the home always be added?
No. Program rules vary. Tell the lender who will apply and who will occupy the home.
Does adding a co-borrower guarantee more borrowing power?
No. The lender reviews the full application and decides which income and obligations count.
Does a co-borrower only provide extra income?
No. A co-borrower also takes responsibility for repaying the loan. Review the actual loan documents before agreeing.
What Clients Are Saying
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We were amazed at how quickly Troy closed our home loan. His speedy communication saved us so much time.
Willa Henderson Fayetteville, NC
Review for Troy Schuricht
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We were blown away by how fast and seamless our closing process was with Troy. He locked in a great rate quickly and handled every detail so we could move into our home on schedule!
Yara Mansfield Show Low, AZ
Review for Troy Schuricht
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Troy and his team got us to the closing table in record time. They were super efficient and kept everything moving fast!
