Co-sign with the family business (first property)

[Alberto Foglietta]

Looking to purchase a multifamily home (2 to 4 units) in Montreal, Canada to househack. My parents own a small business and they would like to invest with me, can a business co-sign the mortgage and be co-owner with an individual?

Also, would we be allowed to purchase the home with less than 20% down? (since it would be owner occupied).

One way I see it, we could set up and LLC and the business and myself would have a stake in it, but I feel like this is overkill with just one small property and would probably eat a lot of the cashflows (from an already tight market) from the related expenses.

Thanks,

AF

[Matias Guarch]

Hello @Alberto Foglietta, instead of putting down the whole down payment you are also able to use an other house as collateral, this will sometimes allow you to pay less down payment. It all depends on how big of a collateral you are able to put up and the one offering the collateral will have to be on the mortgage. I am not sure how this works if you want to co-sign with a business.