More than one mortgage co-borrower?

Question

Hi,

I have 4 people who want to all apply for a mortgage, is it possible to have all 4 apply for one loan? Not sure if it's even possible to have more than one co-borrower.

Thanks!

Answer 1

Yes, I have done a loan like that, no problem. They all lived in the same home & were related.

Answer 2

I have done a loan for someone with as many as 6 borrowers.

There is no limit, as long as the qualifications are met.

Yeah, it's a pain for the bank, but that isn't your problem....that is what they get paid to do.

PS:  If one borrower's credit is significantly wrecking the deal, they will tell you WHO it is, so you can have the option of removing them.

A good reputable bank is not going to turn you down for a loan with no explanation, it should be detailed, so you know exactly how to remedy it.

Answer 3

Possible but fraught with peril.

Answer 4

It's possible with many lenders.  If you're buying rental property, it's not uncommon.

But if this is for you to live there, what happens when someone wants to move?  That should be a major consideration, and clearly spelled out in a written agreement before your sign the closing docs.

Answer 5

Can be done but it is time consuming for the processing & lots more chance for declination, since one borrowers credit could kill the deal.  Will they all live in the home?  If not- a non-owner occupant loan is MUCH harder to qualify for.