Can I have a co-borrower on a conventional loan?
Yes. Conventional loans accept co-borrowers — typically a spouse, but non-spouse co-borrowers are also allowed. Each co-borrower's credit, income, and debts are evaluated. The lower middle FICO score across all borrowers is usually the qualifying score.
Plain-English explanation
Conventional treats all co-borrowers equally for credit and income evaluation. Both incomes count; both sets of debts count. The 'lower middle FICO' rule applies — for each borrower, take the middle of the three credit bureau scores; then for the file, use the lower of those middle scores. Non-occupant co-borrowers are allowed in many cases but may trigger pricing adjustments. Subject to Fannie/Freddie guidelines.
What can change the answer?
Credit, income type and stability, debt ratio, reserves, automated underwriting findings, and lender overlays can change the answer.
Want the real answer for your conventional file?
Conventional guidelines are the rule. Your credit, income, DTI, PMI, LLPAs, and Florida payment math are what decide the actual answer.
More conventional questions on Requirements
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review.