Putting up money for down and someone else pays mortgage, co-equity deal?

[Moofus]

What is the name of your state? FL

We aren't sure if this can be done. We are helping out a friend in need. She has the money to make the monthly mortgage, but no down payment. Her credit rating is just at 600. We have excellent credit and are going to buy the house with stated income and verification of assets. We were hoping to help her get a leg up by showing some kind of ownership in the house, how can we do this? Put both names on the contract and title? But then who gets the tax break,, we are putting up over 50,000 in down payment.
Plan to sell the house in 3-5 years. How can we structure this deal?

 

[JETX]

How can we structure this deal?

There are some HUGE potential problems with your complex 'deal'. I strongly suggest you spend the few $100 talking with a local attorney who can review ALL of your issues and advise accordingly. Your 'gift' of ownership, if not done EXACTLY right (if at all), could become very expensive to you.

 

[HomeGuru]

I agree. This stuff is not for amateurs.