3 people buying a house together

[Dalton Coder]

So two of my friends and me are looking to buy a duplex or triplex in the near future as an investment. The problem is, due to some of us having thin credit and some other credit issues we are not going to get approved for the mortgage if all three of us are on the mortgage. However, we will be approved if just one of us applies. All 3 of us are going to reside in property and split all expenses, down payment, and everything.

While we have been good friends for years and have complete trust in each other, we are looking for ways to make the person on the mortgage feel more comfterable since all of our names are going to be on the deed. 

Has anyone heard of an attorney writing up some sort of legal contract to make all parties financially responsible for the mortgage? Or any other creative ideas or experiances in a situation like this? 

Thanks in advance everyone!

[Dalton Coder]

@Jessica Zolotorofe

Thank you for the great reply, it was very helpful! I am happy that that type of contract is possible, we have not even thought about adding who has the right to do what on the contract but that is perfect. The bank that we have been talking to about the conventional loan has said that as long as the person with the mortgage remains on the deed they do not care about who we add. Is that unusual?