Using a Co-Borrower to Get Approved for a Mortgage

Aug 2, 2019
Mortgage Approval

Welcome to Chicago Mortgage Funding, your trusted resource for all your mortgage needs. In this article, we will explore the benefits and requirements of using a co-borrower to increase your chances of getting approved for a mortgage. Whether you are a first-time homebuyer or looking to upgrade to a larger property, understanding how a co-borrower can help you is essential.

The Benefits of Using a Co-Borrower

When applying for a mortgage, lenders assess your income, credit score, and debt-to-income ratio to determine your eligibility. However, these factors can sometimes limit your borrowing capacity. This is where a co-borrower can make a significant impact.

A co-borrower is an additional person who applies for the mortgage with you. By combining both incomes, lenders can consider a higher total income, resulting in a more favorable debt-to-income ratio. This can increase your chances of approval and allow you to qualify for a larger loan amount. In addition, having a co-borrower with a strong credit history can also improve your overall creditworthiness, potentially leading to better loan terms and interest rates.

Choosing the Right Co-Borrower

When selecting a co-borrower, it is crucial to consider certain factors. First and foremost, the co-borrower should be someone you trust and have a close relationship with, such as a spouse, family member, or business partner. Secondly, the co-borrower should have a stable income and good credit history to strengthen your mortgage application. Lastly, the co-borrower should be willing to take on the financial responsibility associated with the mortgage.

It's important to note that while a co-borrower can enhance your approval chances, they will also share the responsibility and obligations of repaying the mortgage. This means that if you or the co-borrower cannot meet the mortgage payments, it can have negative consequences for both parties.

Requirements for Using a Co-Borrower

While using a co-borrower can improve your chances of getting approved for a mortgage, it is essential to understand the requirements and guidelines set by lenders. Some of the common requirements include:

  • Both borrowers must meet the lender's credit score requirements
  • Income verification for both borrowers
  • Proof of relationship between the co-borrower and primary borrower
  • Co-borrower's financial information, including assets and liabilities

Keep in mind that these requirements may vary depending on the lender and the type of mortgage you are applying for. It's crucial to work with a knowledgeable mortgage professional, like Chicago Mortgage Funding, who can guide you through the process and help you navigate the specific requirements of using a co-borrower.

The Application Process

Once you have selected a co-borrower and gathered all the necessary documentation, you can proceed with the mortgage application process. Working with a reputable mortgage lender like Chicago Mortgage Funding will streamline the process and ensure that you have all the information you need to submit a complete and accurate application.

During the application process, both you and your co-borrower will need to provide detailed financial information, including income, employment history, assets, and liabilities. It's crucial to be thorough and transparent to avoid any delays or complications.

After reviewing your application, the lender will assess your eligibility based on various factors, including your combined income, credit scores, and debt-to-income ratio. It's essential to maintain open communication with your mortgage professional throughout the process to address any questions or concerns promptly.


Using a co-borrower can be an effective strategy for getting approved for a mortgage. By having a co-borrower with a stable income and good credit history, you can increase your chances of approval and qualify for a larger loan amount. However, it's important to carefully select your co-borrower and understand the responsibilities and requirements associated with this arrangement.

If you are considering using a co-borrower for your mortgage application, Chicago Mortgage Funding is here to assist you. Our experienced team can guide you through the process, provide expert advice, and ensure that you have the best chance of success. Contact us today to explore your options and start your journey towards homeownership.

Jonathan Deutsch
Great article! 🏡 Co-borrowing can be a smart strategy for mortgage approval. Thanks for sharing! 👍
Nov 8, 2023