Multiple Borrowers for a First Time Home Buyer Loan
Is it possible for multiple parties to participate in the first home buyer program for the same property?
Yes, but when you say multiple, I only know of two who can participate. You can have a primary borrower and a co-borrower. The parties do not necessarily have to be married or related.
However, both parties would have to qualify for the first time home buyer program. This means the credit requirements, income, and job history.
If both parties are not married or related, just keep in mind that if in the future there becomes a disagreement of some sort and later a separation, one would have to buy out the other party and get a new mortgage.
This exact situation existed with my niece. She is the primary wage earner and his income was helpful though not necessary when qualifying for a loan. So my advice to her was for her to be the only one on the mortgage. Later, if he were to marry her, she could add him to the deed but not the mortgage. This way he could have property rights after the marriage.
I know this is a touchy subject for many, but people should think about the major commitment involved when applying for a mortgage.
I've seen many nightmares when unrelated parties go together on a mortgage. Even when they are related, like sisters and one gets married, their is a problem in handling the mortgage.
People should keep in mind when you sign for a mortgage, it is a long term commitment. Hope this helps.
Best Regards, Jeff Ragan
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