Olga Simoncelli, CONSULTANT, Real Estate Services & Risk Management (Veritas Prime, LLC dba Veritas Prime Real Estate)

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Rainmaker
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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Olga. It would all be part of the same application, however there is one borrower, the others are co-borrowers. After understanding income and credit, it may make sense to leave someone off. Tricky sometimes, but if handled correctly they seem to workout.

Mar 06, 2016 04:59 PM
Rainer
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DEANNA C. SMITH CERTIFIED MOBILE NOTARY
Certified Mobile Notary Signing Agent - Smith Mountain Lake, VA
Highest Ranked Certified Mobile Notary in Virginia

As others have said, each is a co-borrower and yes, individual credit scores do make a difference in qualifying each of them.   These deals often have other pitfalls so they are not one of my favorites.

Mar 06, 2016 06:16 AM
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I had two twin sisters and a boyfriend buy a property, and the lender had no issues.   

Mar 07, 2016 11:25 PM
Rainer
54,953
Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

I have done many of these. All applicant's must be qualified. Must add up all incomes and debts for ratios. As a lender in Long Beach Island , NJ I do many deals with multiple families buying a summer home. I do loans in all 50 sates for over 45 years.Contact me.

Mar 07, 2016 11:15 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Sounds like a good question for Joe Petrowsky 

Mar 07, 2016 04:16 AM
Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

They are each done on their own merit and i have seen a couple removed from a transaction because their scores were low although their bank account large, 

Mar 06, 2016 09:26 PM
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

A good question for a lender to answer.  

Mar 06, 2016 08:34 PM
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I had no idea so stopped by to read what the experts said - I may have some clients in this very situation that I believe want to finance

Mar 06, 2016 09:17 AM
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Unrelated buyers impacts the mortgage process far less than the whole issue of how to take title.  For the mortgage, they just look at the whole picture in terms of credit scores, income and debts just as they would for related buyers.  

Mar 06, 2016 06:03 AM
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Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

The same way as if it were for a couple. All the individuals must meet the liabilities and credit requirements. It is just extra work for the loan officer to make sure all the individual qualify to purchase. 

Mar 06, 2016 05:35 AM
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

They all must meet the credit standards and are treated equally though the downpayment can come for one or tow and doesn't have to be shared equally.

Mar 06, 2016 05:31 AM
Rainmaker
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LuxurySoCalRealty San Diego
Compass - La Jolla, CA
San Diego Partner - The Private Client Network

Not any different than husband wife and son or daughter 

Mar 06, 2016 05:17 AM
Rainer
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Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

I agree with JoAnn sayng each is a co borrower, but the loan pricing is based on the one with the lowerst credit score.

Mar 06, 2016 05:10 AM
Rainmaker
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JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Each person is a co borrower. Some lenders have a limit for the number of borrowers but most will go to 4.

Mar 06, 2016 05:06 AM
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Very carefully

Mar 11, 2017 04:10 AM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Carefully, as always. This is common with vacation properties.

Mar 06, 2016 11:38 PM
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TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Sorry, I do not have an answer for this one. There are those who are more qualified than I am. – M

Mar 06, 2016 05:18 PM
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

The others have answered the question.

Mar 06, 2016 08:25 AM
Rainmaker
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Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

I never had that experience before outside of an LLC

Mar 06, 2016 07:30 AM
Rainmaker
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FN LN
Toronto, ON

Each lender has their own underwriting criteria.

Mar 06, 2016 06:55 AM