Question 1

Can two unmarried people get a mortgage together?

Accepted Answer

Yes — lenders evaluate co-borrowers regardless of relationship status. Both applicants' incomes, debts, and credit scores are considered. The lower of the two credit scores often determines the interest rate you qualify for, so it's worth checking both scores before applying.

Question 2

How is ownership split when two people buy a home together?

Accepted Answer

Ownership can be split any way you agree on — 50/50, 60/40, 70/30, or any other ratio. The split is typically based on each person's down payment contribution. The ownership percentage determines each person's share of equity, tax deductions, and proceeds if the home is sold.

Question 3

What happens to the mortgage if one co-buyer wants to leave?

Accepted Answer

The remaining buyer would need to refinance the mortgage in their name alone — which requires qualifying based on a single income. Alternatively, the home can be sold and proceeds split per ownership percentage. A co-ownership agreement written before closing can specify exactly how this scenario is handled.

Question 4

How does a two-income mortgage affect buying power?

Accepted Answer

Significantly. Two incomes combined can double or more your qualifying loan amount versus buying alone. Lenders use the 28/43 DTI rule on combined income — meaning combined housing costs should stay under 28% of combined gross monthly income.

Question 5

Should co-buyers use tenants in common or joint tenancy?

Accepted Answer

Tenants in common allows unequal ownership percentages and lets each owner leave their share to heirs. Joint tenancy requires equal shares and includes right of survivorship — the surviving owner automatically inherits the other's share. Unmarried co-buyers typically use tenants in common for flexibility.

Question 6

Do both co-buyers get the mortgage interest tax deduction?

Accepted Answer

Yes — the deduction is split proportionally based on each person's ownership share and actual payments made. Each owner can only deduct what they actually paid. Consult a tax advisor for your specific situation.

How much home can
you afford together?

Frequently Asked Questions

How much home canyou afford together?

Frequently Asked Questions

How much home can
you afford together?