As everyone has suggested, think very carefully before cosigning for someone and understand the ramifications.
1-Your credit will be effected by the non-payment of the other party
2-If something should happen and the other party does not pay at all you are equally a 100% responsible for the balance
3- If you do try and purchase something else for yourself the payment that you have co-signed for will be factored as a 100% more drastically reducing your buying power in the future.
However, most folks out there are under the impression there are all sorts of loan programs that are only available to 1st time home buyers and the reality is there are few, if any the borrowers actually qualify for.
Co-signing on a loan puts you on the hook. If they miss payments your credit is impacted. If you go to buy a home or get additional credit that debt is factored into your qualifying. I usually advise folks against co-signing for another. If the risk is too big for the bank to take, unless you are willing to help make the payment every month..you are probably not doing them the favor they think you are.
Bad idea. There are no benefits and infact huge potential problems. You can't deduct interest or taxes on a non owner owned home unless your considering the property an investment property. (speak to your accountant)
Also more importantly if your co-borrower is late on payments it WILL effect your credit. If they default you will be responsible for the entire debt.
If you are in a position and have a need for housing it is a great time to buy, much inventory, motivated sellers, and low rates. Control your own destiny.