Updated over 10 years ago on . Most recent reply
Co borrowing partnership
Wife and I want to partner with her sister to buy a property as co borrowers. If
the sister is the occupying borrows will she be able to take the homestead exemption for property taxes (Texas)? Our mortgage lender said FHA was the best route as it would use all our incomes when considering the loan but would require us to pay PMI for the life of the loan. I’ve read that is not the case with Freddie Mac. We plan on using a HELOC from our investment property to put 20% down.
Other than partnering with family is this a sound strategy for purchasing a property that neither of us could afford out right on our own? My wife and I want to land for long term appreciation and the sister wants to continue to live in the house she has been renting.