Calculate the Mortgage Two People Qualify For and Connect with Top Lenders
Use the FREEandCLEAR Two Person Mortgage Qualification Calculator to determine what size mortgage two people qualify for based on their combined monthly net income and debt. When you submit your information we connect you with up to four leading lenders so that you can confirm your mortgage terms and compare multiple proposals to find the mortgage that is right for you. We also offer a version of this calculator that does not require personal information
Monthly Housing Payments
- Loan Type
Qualifying for a Mortgage as Co-Borrowers
What Credit Score Do Lenders Use?
When you apply for a mortgage as co-borrowers lenders usually use the lower score between the two borrowers to determine your ability to qualify for the loan. Your credit score impacts your mortgage rate and what size mortgage you qualify for. The lower your credit score, the higher your interest rate. Borrowers should check their credit score six-to-twelve months before applying for a mortgage to identify and correct any issues. Joint applicants should also be sure to understand their co-borrower's credit score as you cannot rely solely on your own score no matter how high it is or how strong you are as a mortgage applicant.
Monthly Debt for Co-Borrowers
Lenders consider monthly debt payments for both applicants to determine what size mortgage you can afford. In some cases borrowers may have debt payments, such as for a credit card account, that their co-borrower is unaware of. A higher than expected monthly debt payment figure reduces the mortgage amount you qualify for. It is in co-borrowers' best interest to disclose all of their debts to each other as this information is revealed when the lender pulls credit reports for both applicants. Additionally, sharing this information early in the process provides the opportunity for borrowers to pay down their monthly debt which improves your ability to qualify for a mortgage.
Monthly Gross Income for Co-Borrowers
The positive about applying for the mortgage as co-borrowers is that lenders also use gross income from both applicants to determine how much mortgage you can afford. The higher your combined monthly gross income, the larger the mortgage you qualify for. Even if one borrower makes significantly more money than the other borrower, every dollar counts and the extra income may help you qualify for the loan amount you need to buy the home you want.
Applying for the Mortgage as a Sole Borrower
If for some reason you decide it is better to apply for a mortgage as a sole borrower instead of as co-borrowers you can always add the other person to the property title after the mortgage closes. For example, if your co-borrower has a low credit score or high monthly debt you may be better off applying for the mortgage as a sole applicant. In this scenario the sole borrower must qualify for the mortgage solely based on his or her credit score and personal financial profile. When the mortgage closes, the other person is added to the property title so while the mortgage is only in one borrower's name, both people own the property.
More FREEandCLEAR Mortgage Resources
Review our comprehensive overview of mortgage qualification requirements before you apply for a mortgage
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