This probably won't work, because lenders like to know that somebody will be able to pay the mortgage if everyone else runs away. But even if it does, you guys really need to hit a lawyer as soon as you get the green light from the lender, and forge a partnership agreement. Even if you guys work well together, you, as a veteran, should recognize the value of planning for trouble. One of you could die or become incapacitated, that person's family may have a very different plan that you two survivors do. Or one could marry, get divorced, and find that spouse as your new partner!
I'm glad you're back safely.
All the best,
As a suggestion, rent something for a couple of months while you're looking......see if all of you can live together under one roof.
good luck to you guys...
First, thank you for your service to our country. It is very commendable that you stepped up and now plan to seek higher education.
Having had discussions with my son about his long range plans, I can relate. Here are some items you might find helpful.
1. Loans are based largely on income. If you can show you have income that is consistent, you can present a good profile. The earlier suggestion that you rent first may make more sense than buying right away. In fact, if two of you can find employment right away that vastly improves your profile.
2. I wasn't able to find any prohibition regarding non-related military members sharing a mortgage. It is unusual, but should not be a detriment. The challenge you may find is that three or four years is a very short period of time for home ownership as an investment. If you plan to work in Mount Pleasant for several years beyond college, that will present a better profile. Mount Pleasant may have a better employment picture, too. Talk to a counselor at the college. BTW: Student jobs typically are not good paying jobs. And, some college town economies are better than others. There are at least eight institutions of higher learning in northern Colorado (which includes Denver). Two communities - Boulder and Fort Collins -have economies that are the envy of the nation. A third has a very weak economy.
Generally, college towns tend to be more recession resistant. You can learn more by speaking to some local agents to get the lay of the land. Some will correspond by email.
In Michigan and elsewhere, cash is king. Cash buyers often get better deals. If your combined funds can make a large enough down payment, then you might have some success negotiating an owner-carry. Also: VA home loans are largely designed for military personnel with little or no cash for a down payment. Besides, the rate may not be the best. Shop around.
My final thought on a home as an investment is prices are great now. Even if you don't plan to live in a home for more than four years, that doesn't mean it can't be an investment. If all three of you are planning to keep if for 10 years or more, that makes the most sense. So, when you speak with real estate agents, make sure you ask if they also offer property management.
In this economy, young and ambitious is not held in the same regard as it once was. But, if you're like most of the military personnel I have known over the years, challenge is your business.
I wish you the best of luck. God bless all of you.
Here are resources:
PML of Longmont, CO
Have a Great Day!!!
Karen Paytas, GRI, CMS
Real Living Kee Realty