All Forum Posts by: Account Closed

However, if the friend pays half of down payment and closing costs, is there any scenario where you could envision me fairly paying 2/3 of the monthly payments because I live in the home and the friend does not?

Hello, and thank you for your replies. I should clarify. 

Yes, we would plan to have a legal document written up for the contract. I do not need to buy ASAP, however there is a home shortage where I live, and this particular neighborhood is very close to my work; I have been living in the neighborhood for 3 years renting. There have not been homes built in the neighborhood for several years, so this is a rare opportunity to purchase in the exact neighborhood I want to remain. 

I plan to have a roommate whether I include the friend in the transaction or not, because I cannot afford alone. The arrangement did not make sense to me, either, so thank you!

Hello, I qualified for a mortgage at the high end of my affordability, and closing costs may be a problem.

My friend has offered to take on 50% of the home ownership for 1/3 of the monthly costs, as well as 1/3 of the closing costs. I plan to also have a renter/housemate, at least at first. He wants to co-own the home, but make me a renter, where I pay 2/3 of the rent (or 1/3 if there is a renter), and he pays 1/3. I would be living in the home, whereas my friend would continue to live in his home in another city. 

I would love to get opinions on:  1. Whether this sounds like a fair arrangement,  2. What are other options I can suggest,  3. Advantages and disadvantage of making the home a 'rental'. 

Thank you in advance for advice!