My Purchase contract has 2 borrowers, can only one be on the loan??

Post date: Mar 20, 2013 9:39:33 PM

I always advice my clients to take on any debt one at a time & leave on person debt free whenever possible. But if your Purchase contract has indicated both as purchasers then you have the following choices: 

• • both need to apply & be on the loan or 

  • draw up an addendum to remove one name off the purchase contract. Note: You can always add that name to the title at closing.