1. Please define and explain what a joint mortgage is, and how it works. 2. What is the difference between a joint mortgage and joint ownership? 3. How many total people are allowed to be on a joint mortgage for conventional loans vs. FHA loans vs. USDA loans vs. VA loans vs. Jumbo mortgages? 4. What are the approval and underwriting implications of having several borrowers on the same loan? 5. How does each joint borrower’s credit score factor into the loan approval? Whose credit score will lenders use among the joint borrowers? 6. What happens if one borrower stops making payments? What are the risks for all the borrowers involved on that one mortgage? 7. What are joint mortgage requirements, including rules when it comes to: minimum credit scores; DTI ratio; down payment minimum; steady income ; etc. 8. What are the benefits of getting a joint mortgage, including: increased buying power and how this is especially helpful in the current expensive housing market; easier loan qualification and how this may lead to more favorable terms; potentially more affordable homeownership and what is required to make this arrangement affordable 9. What are the drawbacks of a joint mortgage, including: full responsibility for payments; Right for co-mortgagees to sell the property; Potential legal applications (what are they?) 10. Who are good candidates for going in on a joint mortgage and why? 11. What are the detailed steps involved, in order, to get a joint mortgage (e.g., research lenders and loan options; apply for the joint mortgage; gather and provide documentation; close on the loan; etc.)? 12. How can you get out of a joint mortgage (e.g., Everyone agrees to refinancing the loan to get that person’s name removed; buy out your partner; sell the home; etc.)? 13. Can you add someone to a joint mortgage later? 14. Can a joint mortgage be transferred to one person? 15. Can an unmarried couple buy a house together? 16. What happens to a joint mortgage when someone dies? 17. How does a joint mortgage affect tax benefits?

posted8/4/2025

deadline8/8/2025

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published9/23/2025