Hello BP, I have a question on house hacking. I have a family member, who's single and looking to buy a multi family property (his credit is 670 but mine is better 790). He has the down payment and closing costs money but may need help depending on property price. Also, I would need to help him choose the property and run the numbers since he's a newbie. My question is can I help him by being a cosigner for this loan while he's the primary owner occupant and will he still be able to only put 5% down? I would be on the deed as well and we would also split any rental income 50/50 since I'm cosigning. I want do to things the right way and make sure I'm following the rules hence my question. Thanks!
Apologies it's a two family home not multi family he's looking to buy
Well that's true but he's putting in the funds and will be living there while down payment is low :)
I personally would not do a deal with a family member because I would not want to risk losing the relationship if something goes wrong.
If you do this I would consult a lawyer and draft a partnership agreement in writing so that you have both signed and agreed on all terms of your partnership.