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Buying with Mother |
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I am currently at college, but will be moving back home next year as I attend grad school. My mother and I would love to invest in a house together (especially to have some financial security). I was wondering what types of contracts would be available to us and if my student loans (for cost of living) would be considered "income" when applying for a home loan? I've been receiving the same loan amount for the past 4 years. Also whose credit would be considered? |
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Your loans will not be considered income. If the two of you are owners of a house, both of your credit records and income would be taken into account when you applied for a mortgage. As I don't know anything about your mother's financial situation, that's all I can tell you. Perhaps you ought to discuss the situation with a mortgage broker. It shouldn't cost you anything to get a financial analysis. |
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Edith
Originally published on October 18, 2009 |
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