Joint Owner Bank Account

[Georges A.]

Hey guys,

I am trying to purchase a property with my brother (jointly) and was hoping to put him as a joint owner to my account (so he can use my finances) and then have him buy it under his name. The reason is that I would still like to exercise my 1st home buyer benefit (3.5% FHA) but I don't want to miss out on a partnership with him. So the question is: Can I simply put him as a joint owner on my bank account and he can use my money for the down payment? One mortgage lender told me that that it is perfectly fine but I wanted to check with the experts here. I'll worry after closing about setting up an LLC with him or however we want to split it.

Let me know your thoughts and thanks in advance

[Linda Weygant]

Originally posted by @Georges A.:

Hey guys,

I am trying to purchase a property with my brother (jointly) and was hoping to put him as a joint owner to my account (so he can use my finances) and then have him buy it under his name. The reason is that I would still like to exercise my 1st home buyer benefit (3.5% FHA) but I don't want to miss out on a partnership with him. So the question is: Can I simply put him as a joint owner on my bank account and he can use my money for the down payment? One mortgage lender told me that that it is perfectly fine but I wanted to check with the experts here. I'll worry after closing about setting up an LLC with him or however we want to split it.

Let me know your thoughts and thanks in advance

Somebody else correct me if I'm wrong, but I believe the FHA 1st time home buyer benefit is intended for Owner Occupants, not investors. So this might be workable if you're going to buy a multi-family and live in part of it, but not for a general investment property.