Maximum People on Mortgage Loan

[shtws]

How many people can apply for mortgage Loan?  Has there ever been a case where 3 people buys a home together or is 2 people the maximum?

[ShanetheMortgageMan]

4 is the lowest maximum I've ever seen permitted (seems like what most lenders guideline is), but you can have as many people on the mortgage as you want as long as the lender permits it.

[shtws]

Oh that is great.  Always thought it was maximum 2 people.  We wanted to get a bigger home but of course it costs more and if 3 people are on the loan, then we can qualify for the amount.

[ShanetheMortgageMan]

Yup yup, keep in mind all 3 need to occupy the property or additional guidelines apply.

[mkass]

Interesting thread.....so if there are 3 people and they all occupy the property, which credit score do they use?  The middle of the lowest person among the 3 people?  Do people only do this to get more loan approved?

[DallasLoanGuy]

lowest mid score.

people do this to ad income to the loan ap.

very popular in places like colorado where 3 couples might want to buy a ski cond.

only ones i have ever done have been 1 or 2 extra borrowers in addition to the first 2 on non-occupying co-borrower loans