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Author: lorenzo2 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121114  
Subject: Re: Joint Homeownership Date: 9/23/2001 11:04 PM
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I don't think there's any chance that you'll find lenders who will give each of you a $90K loan. What would the loan collateral be - half a house? However, there's no reason you can't get a loan together, that is, get a $180K mortgage with both of you shown on the loan. If your combined incomes are sufficient, and your credit is ok, that shouldn't be a problem. And with both of you obligated to pay, you can then both deduct interest, real estate taxes, etc. If only ONE of you gets the mortgage, then only that person gets the tax breaks. Of course, there's no reason that you can't work something out between you - say you get the mortgage and take the tax breaks, and you give your girlfriend (who's paying half the expenses) half the homeowner-related tax savings.

All of this presumes that you and your girlfriend remain on good terms! I'm not trying to put a curse on you or anything, but I have read time and again about headaches involving joint purchases, when the two individuals break up or otherwise decide to go their separate ways. Who gets the house? What if she wants to sell and you don't, but you can't afford to buy her out? It's probably worth talking about those things in advance...
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