On Tue, 29 Dec 2020 01:04:09 -0500, Ed Pawlowski > wrote:

>On 12/28/2020 7:56 PM, Bryan Simmons wrote:
>
>>
>> We're buying a house for my son. It's only $85K. We have to be the
>> borrowers, and can't even have my son on the mortgage at all because he
>> doesn't have 2 years of steady income. He'll be making the payments. It
>> won't cost us anything, but we'll be solely responsible for the loan. No
>> worries. That kid will be outearning me pretty soon. He figures he'll be
>> living there for 2 or 3 years, and by then he'll have sufficient demonstrable
>> income to buy a house that he really wants, and can keep that one as a
>> rental property. It's not in one of those tiny municipalities (like Bel Nor),
>> but in University City, about 12 minutes from here in light traffic.
>>
>> What's a trip is that when he emailed some of his friends about the house,
>> it turns out that one of his friends lived in that very house when he was a
>> small child.
>>
>> We're not spending a penny of our own money on the house, but merely
>> guaranteeing the loan. The one thing that the house doesn't have is a
>> washer/dryer, and for a move-in present (he doesn't know this yet), we
>> are going to buy him a nice Speed Queen washer, and a cheap ass dryer.
>
>> --Bryan
>>
>
>I'm surprised he can't be on the loan as it would be a benefit to him I
>would think.
>I took out a mortgage at age 20 to buy my first house with no problem
>but my mother was on the deed as I could not buy property myself until I
>was 21. I forget the exact wording but once I was 21 it reverted to me.
>
>Good that he is smart enough and able to buy at a young age

The latter only thanks to his parents. Not that there's anything wrong
with that.