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.
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!!!