newbie advice - Posted by Amanda

Posted by Nate on March 22, 2001 at 13:38:43:

If your friend can qualify for the loan on her own, there is no need for you to be on the loan to be on the deed.

However, if I were your friend, I would think twice about borrowing money for which I was solely responsible, to buy a property that I only owned half of.

What if one of you dies, becomes incapacitated, or simply loses interest in the project, or wants to sell due to a financial problem, or gets married, or gets divorced, or blah de blah de blah.

Think about that before you do this kind of arrangement.

newbie advice - Posted by Amanda

Posted by Amanda on March 21, 2001 at 22:07:32:

Ed, I’m getting ready for my first deal. My friend and I are trying to buy a two family together. She has never had a home loan I have. She can qualify for FHA loan alone.This rate is 6.19. How could we work this with out commiting fr
aud? I can’t go on the loan but I need to go on the deed. Any ideas? This is a great deal.She would owner occupy and pay rent on the small apartment and the other is a three bedroom. We have got the price down to 92,500. It appraised at 102,500. Any advice is appreciated!!!