Can I have a co-borrower on a conventional loan?
Many conventional programs allow a co-borrower. The lender reviews each person’s credit, debts, and eligible income. Adding a borrower does not by itself ensure approval.
What this actually means.
A co-borrower may be a spouse or another eligible person. Income must meet the program’s rules before it can count. Debts and credit also affect the file. Rules may differ when a co-borrower will not live in the home. The score used for pricing is not always the same measure used for underwriting eligibility. Ask the lender how each borrower affects both approval and cost.
Where this can move.
Credit, income type and stability, debt ratio, reserves, automated underwriting findings, and lender overlays can change the answer.
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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. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.