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UltimatePlayer3301 OP t1_j6oaahk wrote

Reply to comment by r3dt4rget in Is it feasible to buy a house with 3 friends for my 4 years in college (or maybe longer)? by UltimatePlayer3301

I'm not sure, I was hoping to find that out in this question. What exactly do you need to qualify for a mortgage and I've read about LLCs would making one help us with this idea?

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r3dt4rget t1_j6oanyw wrote

You need a credit history, good credit score, and a history of regular income that proves your ability to pay the mortgage.

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UltimatePlayer3301 OP t1_j6ob5nd wrote

You can use your parents to help with that, correct? (the credit history part)

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TyrconnellFL t1_j6objz6 wrote

Your parents could collectively buy a house. Now all of them have to align on rental property decisions.

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UltimatePlayer3301 OP t1_j6obt53 wrote

I honestly don't see that working.

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r3dt4rget t1_j6oc99a wrote

I don't see any of this working out. There are just too many moving pieces. Renting is ideal even though it's more expensive. You're paying for the luxury of flexibility and freedom. At this point in your life, that is what is most important. Don't tie yourself down to anything.

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manwnomelanin t1_j6oerta wrote

Thats what they’d effectively be doing if theyre all co signing lol

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kumoni81 t1_j6ocd4l wrote

No you cannot. The parents would also have to be added to the loan. I have seen parents buy a house in a college town for their kids to use while in school. I’m fact my parents did that when my brother went to school. But my brother wasn’t on the loan due to lack of qualifying income, credit history, etc.

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Environmental_Eye354 t1_j6ob6h1 wrote

Just being honest I don’t see it happening… I do not work with/for or deal with mortgages but I do know that a joint mortgage is generally frowned upon by most lenders and ALL names on the mortgage must qualify.

I would assume not one of you has a steady income and credit currently to be able to be approved solely

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