Splitting a mortgage with others can significantly reduce your individual burden of homeownership. That’s one big reason why more and more people are embracing multigenerational living these days!
But before you jump into a shared mortgage, there are some key points to discuss with your family and lender:
📝 Number of Applicants
Typically, conventional lenders will work with a maximum of four borrowers for a single loan. If your family is larger, you might need to explore alternative financing options.
💪 Financial Strength
Consider each person’s credit score, income, and debts. If some family members have weaker financial profiles, consider making alternative arrangements so they can still contribute.
⚖️ Legal Structure
Discuss who will hold the title and how ownership will be divided. It’s crucial to plan for potential scenarios, such as a family member moving out.
Need help navigating the complexities of a multigenerational mortgage? Check out our latest blog post for more guidance!
Multigenerational Home Buying: How To Find A Home That Fits Your Whole Family
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