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We have already touched on Co-Borrowers but I thought a little more detail may help. The title “Co-Borrowers” refers to the joint applicants, not the relationship between the parties.  A husband and wife may be Co-Borrowers or just one of them might be the Borrower if the income of the other is not used to qualify for the loan.  In this case the non-borrowing spouse could be on the title to the property but not on the loan or might choose to be on neither.

Unmarried individuals could have similar options regarding title and liability as a married couple.  The options for title and liability have nothing to do with the relationship between the individuals when it comes getting a mortgage.

The relationship between the parties could be of a business nature, this gets fuzzy.  Multiple individuals could take title to the property as an investment property so in effect be a partnership.  They could even have a written partnership agreement.  But the title to the property and the liability to the lender must be in the name of the individuals not the partnership.

As you can see there are endless combinations of how to take title and get a mortgage.  If you have a circumstance that does not fit exactly to what we have covered reach out, I’ll help you find the right answer.


Co-Signers or Guarantors 

A Co-Borrower are not the same as a Co-Signer.  A Co-Borrower takes title to the property a Co-Signer does not, therefore they are ineligible for conventional financing.


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