Buying a home with a co-signer (good or bad idea)

[Joselyn Malik]

Hi there,

So I wanted to hear people's thoughts on buying a home with a co-signor? My sister and I are looking to buy our first property together. Looking for a 3 bed or something with a garage or basement to rent space out to (a house hacking type situation).  The only issue we are presented with is that I am a relatively new real estate agent which is a commission-based career. I do also work an admin role though for the agency group and do make a fixed monthly income. But, I am still an independent contractor and because I am self-employed, the lenders need 2 years of proof of income. Which has lead to the option of bringing in a co-signor.  We have been discussing it pretty thoroughly with our lender but I just wanted to see what other people's thoughts on it are. Pros and cons for all parties? Personal experiences? 

TIA!