"My friends and I are early 30s professionals living in one of America's most expensive cities and making middle-class incomes. None of us can afford to buy or save for a home here. We all rent, but we're not broke. We save for kids and retirement and illness, but a home isn't in the cards. But recently, we think we might have found an unconventional loophole."
"Discuss who will all be on the mortgage and if their credit will allow them to qualify for the mortgage itself. There's technically no legal limit on how many people can be on a mortgage, but typically four people is the max on most. However, some lenders will consider more since there are five of you. Your finances will be reviewed, looking for criteria such as income, credit scores, current debt, and employment."
Early-30s professionals in an expensive city find homeownership unattainable and consider jointly buying a vacation home in a cheaper rural area. Key considerations include friendship stability, ongoing ability to meet shared financial commitments, and formal written agreements covering maintenance, taxes, and house rules. Mortgage participation must be decided, with lenders typically limiting loans to about four co-borrowers and reviewing income, credit scores, debt, and employment for each applicant. Weaker credit or insufficient qualifying criteria among co-buyers can jeopardize loan approval. Thorough due diligence and clear, enforceable terms are essential before proceeding.
Read at Slate Magazine
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