Conventional mortgage with a partner dilemma

[Ahmed Mirza]

Hello,

I have a dilemma with obtaining a conventional mortgage with my partner. My partner and I are looking to start investing in non-owner occupied SFHs and have decided to go 50/50. We were initially planning to obtain a loan together, and split the closing cost and down payment. However, after running the credit checks we found out that our credit scores are about 100 points different. Mine being around 745 and his about 655. My lender is saying that they go off of the lower of the two scores, and it must be at least 720 to qualify for only 15% down. Therefore instead of 15% down with 1.75 origination charge, we must put at least 20% with a 4.375% origination charge if both remain on the loan. 

My problem is 20% down with 4.375% origination charge would be way to expensive, and I would not be financially comfortable to pay for closing cost and down payment alone.  The only solution I can think of is opening a joint bank account, placing our investment money there. Wait two months to make a deal with only me being on the loan but using the money from this joint account. (All new accounts need to be two months old by the time you make an offer and go under contract - according to my lender).

This seems like such a hassle just to be able to split the down payment on a conventional loan? Am I missing something? Are there easier solutions out there? 

Any advice would be appreciated. 

Thanks,

Ahmed