How Many People Can Be on a Mortgage?

How Many Co-Borrowers Can Be on a Mortgage?

Most lenders limit co-borrowers to four or five on a single mortgage. That's because the majority of home loans in the U.S. are conforming loans, which meet the criteria for purchase by Fannie Mae and Freddie Mac. These government-sponsored enterprises, which purchase most of the mortgages in the U.S., use automated underwriting software that limits the number of applicants per loan. Fannie Mae's Desktop Underwriter tool caps borrowers at four, while Freddie Mac's Loan Product Advisor allows for up to five.

And therein lies the rub. In theory, you can have as many co-borrowers as you want on a mortgage, so long as all applicants qualify. If you wanted to get approved with more than four or five borrowers, though, you'd have to find a lender willing to manually underwrite the mortgage, which could limit your options.

Tip: Get preapproved before you start house hunting so you know how much buying power your group has. Still, you may not want the full approval amount, so agree on a budget everyone is comfortable with before you apply.

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Pros and Cons of Having Multiple Co-Borrowers

Applying with co-borrowers can help you qualify for a bigger loan or better terms, but sharing a mortgage with multiple people comes with risks you should consider first.

How to Apply for a Mortgage With Multiple Co-Borrowers

Applying for a mortgage with multiple applicants is essentially the same for each applicant as if they'd applied for a loan on their own. The lender will typically require each applicant to:

• Fill out a mortgage application. Each co-borrower will need to submit their own application with the same lender.
• Authorize a credit check. Your lender will pull your credit reports from one or more of the national credit bureaus (Experian, TransUnion or Equifax) and review your credit scores. While lenders set their own criteria for minimum credit scores, Fannie Mae and Freddie Mac typically require all applicants to have a FICO^® Score^Θ of at least 620 to qualify for conforming loans.
• Provide proof of income. Each applicant will need to provide pay stubs, tax returns or bank records to support the income information on their application. The lender will want to see that you have reliable and sufficient income to cover your loan payments.
• Document your monthly debt obligations. Your lender uses your debts to calculate your debt-to-income ratio (DTI). That's the percentage of your monthly gross income that goes toward your monthly debt payments, including the anticipated amount of the new mortgage payment. Your DTI is a critical factor in whether you get approved and the terms you receive, because it shows how much available income you have and whether you can afford the mortgage. DTI requirements vary by lender. Freddie Mac and Freddie Mac allow a maximum DTI of 36%, or up to 45% for borrowers with good credit who meet other eligibility requirements.

Learn more: What to Look for When Buying a House

Frequently Asked Questions

Improve Your Credit Score to Boost Mortgage Approval Odds

Getting a mortgage with one or more co-borrowers can help you qualify for a higher loan amount and better borrowing terms than you might get if you applied on your own. But be aware of the issues and complications of this arrangement before proceeding.

Before you apply for a mortgage, it's a good idea to check your credit report and FICO^® Score for free with Experian. You'll see exactly what lenders see when they review your credit. From there, you can address any inaccuracies in your report and take steps to improve your score and boost your odds of approval.