Customers have the ability to add a co-borrower to increase their ability to get pre-qualified or see the more competitive offers. A co-borrower can be added to the Acorn form immediately after the primary applicant submits their information.
Benefits of a co-borrower: Some of our funding partners accept applications with co-borrowers, so we encourage adding a co-borrower when you apply. Adding a co-borrower can help customers:
When will adding a co-borrower help?
if the amount requested is at least $5K
If the primary applicant has a credit score <680 and the co-borrower has a credit score of 680+
If the primary applicant has a credit score of 680+ and the co-borrower will add additional income without adding a significant amount of additional debt
If the co-borrower shares the same housing debt as the primary applicant (i.e. spouse/partner) - this can help lower the debt to income ratio see if this obligation is shared and the co-borrower does not increase the amount of debt that is shared with other additional monthly debt obligations.
Add Co-Borrower to loan application
Where in the loan application do I add a co-borrower?
The option to add the co-borrower appears after the primary applicant accepts terms and submits their application (see below)