Behind every home purchase is a big decision, and frequently it’s also a team effort. In today’s housing market, co-buying a home with family, friends, or partners is becoming increasingly popular.
Whether you’re pooling finances to boost buying power or sharing homeownership responsibilities, it’s important to understand how many people can be on a home loan, and what it means for your financial future.
Let’s explore how joint mortgage loans work, the rules around co-borrowers and cosigners, and the pros and cons of teaming up on your path to homeownership.
Check your home loan options.Behind every home purchase is a big decision, and frequently it’s also a team effort. In today’s housing market, co-buying a home with family, friends, or partners is becoming increasingly popular.
Whether you’re pooling finances to boost buying power or sharing homeownership responsibilities, it’s important to understand how many people can be on a home loan, and what it means for your financial future.
Let’s explore how joint mortgage loans work, the rules around co-borrowers and cosigners, and the pros and cons of teaming up on your path to homeownership.
What is a joint mortgage loan?
A joint mortgage loan is a home loan that is shared by two or more individuals. Everyone listed on the loan is equally responsible for repaying it, and each person’s income, debt, and credit history are considered during the approval process. This differs from joint ownership, where you may co-own the property without being listed on the loan.
For example, one person might hold the title for legal purposes while both contribute to the mortgage. However, with an actual joint mortgage, all parties are officially borrowers.
How many people can apply for a home loan together?
Technically, there’s no hard legal limit to the number of co-borrowers on a mortgage. However, most lenders—including those using underwriting platforms from Fannie Mae or Freddie Mac—cap it at four applicants.
This is mainly a software limitation, not a legal one. In rare cases, lenders may allow more co-borrowers if they underwrite the loan manually. But in practice, expect a maximum of four to five people on a traditional loan.
Ways to hold a title with multiple co-borrowers
When buying a home with others, it’s important to consider how you’ll hold title. There are three common arrangements:
- Sole ownership: One person holds the title, even if others are on the loan.
- Joint tenancy: Each co-owner holds an equal share. If one dies, their share typically passes to the others automatically.
- Tenants in common: Each co-owner controls a distinct portion of the property that can be inherited independently.
Consult a real estate lawyer or financial planner to determine the ownership structure that aligns with your objectives.
Who qualifies for a joint mortgage loan?
To qualify for a joint home loan, each co-borrower must meet the lender’s requirements. This typically includes:
- A minimum credit score of 620 for conventional loans (580 for FHA loans)
- A combined debt-to-income (DTI) ratio under 43–50%
- Enough savings to cover at least a 3% down payment (for conventional loans)
- Stable income and employment history
Each person must submit their own application and documentation. Keep in mind: the lowest credit score in the group can impact the loan’s terms, though some lenders now average credit scores instead.
Learn more about getting pre-approved to buy a home and the documents you’ll need.
Cosigning vs. co-borrowing: What’s the difference?
Though the terms sound similar, there’s a key difference between co-borrowers and cosigners:
- Co-borrowers are on the mortgage and the title. They legally own the home and share financial responsibility.
- Cosigners are on the mortgage but not the title. They don’t own the property, but they help the primary borrower qualify by backing the loan with their credit and income.
Both are liable if payments aren’t made. As a cosigner, your credit can be affected, for better or worse, based on how the primary borrower manages the loan.
What to consider before co-borrowing
Sharing a mortgage with someone can increase your buying power, but it also adds complexity. Before moving forward, ask yourself:
- Do you trust this person financially? Everyone’s credit, income, and debt affect approval.
- What’s your long-term plan? If one person wants to exit the loan later, you may need to refinance or sell.
- How will payments be handled? If one co-borrower falls behind, the others must cover their share.
- What happens in life events? Divorce, death, or moving out can complicate joint ownership.
Some co-borrowers choose to buy multi-unit homes, live in one unit, and rent the rest for passive income. It’s a strategy that can work well—if everyone’s on the same page.
Looking for other ownership models? Here’s a breakdown of buying a house as-is and when it might make sense.
How to boost borrowing power with multiple applicants
Combining incomes and credit scores can significantly expand your loan eligibility.
In fact, some lenders are more flexible now, focusing on the average credit score of applicants rather than the lowest one.
To maximize your loan approval odds:
- Keep your credit utilization low
- Pay off existing debts where possible
- Show consistent income and savings
- Have open conversations with co-borrowers about financial history
A mortgage calculator can help you project your total monthly costs based on loan details and expenses.
Visit our loan comparison calculator to explore what you can afford together.
Common scenarios where joint mortgages make sense
If you’re not sure whether a joint mortgage is right for your situation, consider some of the most common use cases where co-borrowing helps:
- First-time buyers partnering with parents: A parent with strong credit and stable income can co-sign or co-borrow to help a child qualify for their first home.
- Siblings investing together: Buying a duplex or multi-family home and sharing rental income can help build long-term wealth.
- Friends purchasing in high-cost areas: In expensive markets, pooling resources might be the only way to afford a home near jobs or schools.
- Unmarried couples: Sharing a mortgage can reflect shared financial responsibility—even if you’re not legally married.
Each scenario has different legal and tax implications. It’s important to document expectations early and consult a mortgage professional before signing a loan together.
Get expert help with joint mortgage options
Whether you’re buying with a spouse, sibling, friend, or business partner, having the right guidance can make all the difference.
At GO Mortgage, we provide personalized support and a range of loan programs tailored to every type of buyer.
From navigating title options to exploring multi-borrower approvals, we’re here to help you make a confident, informed decision.
Ready to find out what you qualify for with a co-borrower? Get started today.
How many people can be on a home loan: Final thoughts
Joint mortgages can open new doors—literally. But they also require clear communication, shared goals, and a strong financial foundation.
If you’re considering a home loan with multiple individuals, ensure that everyone understands their rights, responsibilities, and the path forward.
Still have questions? Connect with a GO Mortgage loan officer to receive personalized advice tailored to your unique situation.
NOTE: This article adheres to mortgage marketing best practices and includes necessary disclosures. Always consult a licensed lender or legal professional for personalized advice.