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Co-Ownership: Your Way into a First Home

October 13th, 2008

As mortgages become harder to come by, with lenders ratcheting up income and down payment requirements, those starting out could get discouraged–or they could get together. Co-ownership of their home is becoming an acceptable way for promising young people to make a housing investment while prices are low. Most of them are in the early stages of careers and they fully expect to make more in the future. So why not make their initial home investment pay big as well?

Pros of Co-Ownership. Co ownership means that two incomes are used for qualifying, so the borrowers may buy a home that neither could afford on his or her own. Pooling assets for a larger down payment also makes them eligible for cheaper financing, lower mortgage insurance premiums, and better rates.

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