A recent study by ATTOM Data Solutions (supplier of property data) looked into recent mortgage activity and noted the increasing number of mortgages that are using co-borrowers. Here they are defining a co-borrower as multiple, non-married borrowers listed on the mortgage or deed of trust. So this isn’t a look at married applicants. This is a borrower using the credit worthiness of another person to get their loan approved. Could be an unmarried couple but most likely this is mom and dad putting their credit worthiness on the line.
Highest share of co-borrowers in San Jose (50.9%), Seattle (39%), Southern California (LA- 31%) and Portland (29%).
So despite the whispers of all-cash offers and foreign money scooping up inventory this anecdotal research shows that the “normal” purchasers are finding creative ways to spend past what they would normally qualify without the help of the co-borrower.