Co-borrowers don't have to be married. Two people who will live in the home and share the payment apply the way a married couple does: both incomes, both credit reports and both sets of debts go into one loan, and both names go on the deed.
How the lender combines the two of you
- Income: Each person's qualifying income is added together, under the same rules for wages, self-employment, child support and benefits.
- Debts: Every monthly payment on both credit reports counts, including car loans, student loans and card minimums.
- Credit: Each of you gets a middle score from the three credit bureaus, and the lower of the two middle scores usually becomes the loan's score. FHA allows 3.5% down from 580, and Conventional starts at 620.
- Responsibility: Both of you sign the promissory note, and each of you is liable for the whole payment, whatever split you agree on at home.
A worked example
Jordan earns $3,900 a month with $450 in monthly debts and a middle score of 655. Sam earns $3,100 a month with $300 in debts and a middle score of 612. Here's FHA at a 5.75% rate, with property tax at 0.95% of the price a year (the high end of the 0.74% to 0.95% range QualRate uses for Florida) and insurance of $283 a month:
| Jordan alone | Sam alone | Together | |
|---|---|---|---|
| Qualifying income | $3,900.00 | $3,100.00 | $7,000.00 |
| Monthly debts | $450.00 | $300.00 | $750.00 |
| Highest FHA price | $213,000 | $168,000 | $423,000 |
| House payment | $1,766.34 | $1,452.94 | $3,228.77 |
Together they reach $423,000, which is $42,000 more than their two solo prices added up. The payment is $2,423.80 in principal and interest on a $415,338.41 loan (including the 1.75% upfront mortgage insurance premium), $334.88 in property tax, $283.00 in insurance and $187.09 in monthly mortgage insurance. That's 46.1% of their combined income for housing and 56.8% with all their debts, inside FHA's 46.9% and 56.9% limits, and the price sits under the 2026 FHA limit of $541,287 that applies in most Florida counties.
Sam's 612 is the lower of the two middle scores, so it's the score FHA uses and the one that sets Conventional pricing. That's well above FHA's 580. If Sam paid his card balances down before applying, a rapid rescore could lift him past 620 and improve the Conventional pricing for both of them.
How to hold title in Florida
Florida's survivorship statute, Section 689.15, says a deed to two or more people creates a tenancy in common unless the deed expressly gives a right of survivorship. Married couples can own as tenants by the entirety, an option that isn't available to unmarried partners. That leaves two common choices:
- Tenants in common. Each of you owns a share, which can be equal or unequal (60/40, for example, if one of you puts in more cash). If one partner dies, that share passes under their will or estate, which may not be to the other partner.
- Joint tenants with right of survivorship. If one of you dies, the other owns the whole home automatically. The deed has to say so in plain words.
Tell the title company which one you want well before closing, because the deed is drawn from those instructions.
Program by program
- FHA: Both partners can be co-borrowers. The ratios are 46.9% for housing and 56.9% total with an automated approval, and the lower middle score sets the terms.
- Conventional: Both partners can be co-borrowers from 620 and up, with a total ratio up to 50%.
- VA: A veteran buying with a partner who isn't a spouse uses a joint loan. VA guarantees only the veteran's share, so lenders usually ask for a down payment on the other partner's portion, and VA reviews the loan before it closes.
- USDA: Both partners can be on the loan, and USDA's income limit counts every adult in the household either way.
If one of you is holding the application back
- Run it both ways. Apply together, or let the stronger partner apply alone, and compare the prices.
- Pay down cards before the credit pull. A lower balance can raise the weaker middle score, which matters because it sets the terms for both of you.
- Clear the smaller debt. Paying off a $300 payment frees the same $300 for the house payment when the total ratio is the limit.
- Add a parent as co-signer. A parent's income stacks on top of both of yours on FHA and Conventional.
- Use FHA 100% financing. A down payment assistance second covers the 3.5% down, from a 580 score.
Run your incomes and debts together and separately in the debt-to-income calculator. Then call AAA Capital Funding at 888-601-8344, and we'll price it with both of you on the loan and with each of you alone, so you can see which application reaches the higher price.