Yes! When you borrow money to buy a house, there are two separate and distinct promises you are making. 

First, the personal liability is the promise to personally pay back the loan. This is represented by the promissory note at closing.  Lenders look at the credit rating of anyone signing the promissory note.  

Second, is the promise to give the house to the lender if the loan can’t be paid back.  The property owners sign the Security Deed at closing to put the house or land up as collateral for the loan.  Everyone with an interest in the property must sign the Security Deed. The property owners and borrowers aren’t necessarily the same people. 

There are certain reasons it might make sense for only one person to apply for the loan. Contact us to discuss, we can answer your questions on how these decisions can impact your specific situation.