About Eric Sexton Expertise All aspects of buying and selling homes including: General real estate questions, Contracts, Negotiations, surveys, title work and general questions about mortgages. I CAN NOT GIVE LEGAL ADVICE AND WILL NOT BE ABLE TO ANSWER QUESTIONS WHERE LEGAL ADVICE IS NECESSARY.
Experience
I have been a real estate agent for 6 years and a broker for 2 years.
Organizations National Association of REALTORS and Texas Association of REALTORS.
Expert: Eric Sexton Date: 9/16/2007 Subject: joint purchase with son
Question I am trying to buy a house with my son. I will likely buy it as a 2nd home and he will also be on the mortgage. He has saved enough to pay his share of the down payment and earns enough that with a roommate they will cover the monthly costs. He does not need the tax write off (I do!!) of mortage interest/taxes. What he needs is to get on the housing ladder and gain in equity. Can you suggest how we structure the deal?
Answer Andrew,
Since this will be a 2nd home for you a lender will likely be willing to allow both of you on the loan and on the deed.
You will need to describe the situation to the lender. If you are using a mortgage broker be careful. It is the lender's final determination if they will allow this. Make sure the mortgage broker speaks directly to the lender to find out.
