Buying Florida Homes with a Co-Borrower

Florida home loan guidelines and the economy here in the Sunshine State have tightened a great deal since 2006. As such, many Floridahomebuyers are looking to using co-borrowing or co-purchasing as a means to gaining home loan financing. Of late, there's a lot of mortgage activity involving "joint homeowners" -- non-spousal partners that buy and share a home as roommates.

The video above -- aired a couple of years ago - but it's message is still very relevant today.

Real estate expert Barbara Corcoran delivers some very good advice for co-purchasing partners. Though the co-borrowing solution is indeed a viable one, those interested in buying their Florida home in this manner should absolutely consider the following points before moving ahead:

• Make sure you have an attorney draft all contracts and agreements
  
• Establish a plan for what will happen should one or both parties wish to sell the property
  
• Consider taking out life insurance policies on each other to cover costs should something happen
  

The Boy Scout Motto: Be Prepared should absolutely followed when entering into any sort of co-borrower situation - especially one dealing with a home purchase. If entered into correctly and wisely - this type ofhomebuying arrangement can result in two proud homeowners where there would have otherwise been none.

I hope you found this post useful! As always, if you or anyone you know is in need of a Florida mortgage broker, then I’m your guy. Call me at 863-604-3019 or apply online. We’ll keep you posted and let you know when it’s time to pull the trigger!