Hold primary mortgage, But add a friend on title.

[Joshuam R.]

Steps:

1-Live in and hold mortgage on primary SFH

2-Add additional persons to title only

Scenario, additional person on title gives closing cost $$ of 3.5%, add the person to title as 7% ownership and rides it out until a future sell of the home occurs or refi and buy them out.

Any one done this?

Bank confirmed that step 1 and 2 are allowed.