If 2 people (not married)r trying to qualify 4 loan do both have to qualify 4 the total amount or can it be 1/2 N 1/2 = 2 Total amount?

Asked by Roma, Alpharetta, GA Mon Aug 30, 2010

Help the community by answering this question:

+ web reference
Web reference:


Tue Aug 31, 2010
Roma, you would take both your incomes and both your debts and that will be used to qualify you for a certain loan amount.
The only thing that you both need to have in order to qualify is your credit scores. credit socres don't add up, so each one of you have to have at least 620 as your mid score.
Everything else gets added up and counted against the loan amount you're getting.

Elena Ollick
Amerivest Realty
Faith Home Loans
skype: napleshomes
0 votes
Thom Colby, Agent, Irvine, CA
Mon Aug 30, 2010
Roma -

To add to Amy's answer, that does not mean you are each only liable for 50% of the loan - you are BOTH responsible for 100% of the loan amount.

Best of luck,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage. There is NO benefit to the Seller or Buyer but only benefits the Agent.
888-391-5245 Direct Cell
DRE# 01398570
0 votes
Amy Salisbury, , Charles Town, WV
Mon Aug 30, 2010
Roma, Good question, if 2 people are trying to qualify for a set loan amount, say $250,000, then both people's income and debts would be figured into the qualifying amount. If Mary qualifies for $125,000 on her own and John qualifies for $125,000 on his own, then by jointly purchasing a property, both incomes would be used for qualification purposes. Hope that answers your question!
0 votes
Search Advice
Ask our community a question
Financing in Charles Town Zip Codes

Email me when…

Learn more