Having a co-borrower?

[Cody Lown]

As stated in my introduction post, I am 20 years old. I am about a year away from my undergrad. So, after graduating, I will either be in grad school or have a job somewhere not in my current location and likely not current state. Is co-borrowing common in today's climate? I don't have much credit and highly doubt I could qualify for a loan on my own. I will likely be in a college town in the Midwest (East Lansing, MI, Bloomington, IN, Urbana, IL etc). So, my parents have agreed to co-borrow if it would help me. From my understanding, after a year or so, if proof is shown that I was the one paying the mortgage, I would be awarded the full mortgage. If that isn't so, let me know. But, after this long post, I basically want to know if my parents co-borrowing will help me and if it is common today?
I will be looking to purchase in 10-12 months.