thanks for the replies. Basically what I wanted to find out is if anything is possible when it comes to getting the loan. I understand each case is different but I wanted to know before going into it if it was atleast possible. I imagine if the time came we would talk with somebody about our situation on go from their.
I totally understand the flags being raised and that anything bad can happen just like that. But isn't that also possible with anything? You can be single or in a marriage and have things happen to where you may default on the loan and screw somebody over. So yeah Im sure the same thing could happen in this situation.
Specifically what im talking about is blood adult family getting together and pooling resources and getting into a home, rather than paying out more renting month to month elsewhere with no security. These are people that are sick of living month to month and having nothing to show for it. They are sick of living alone from other family who barely ever get a chance to commute and visit each other. People who realize it isn't about the money you make in this life, but whom and how you spend it with. People that can let go of simple stupid grievances like the dishes, and trash. True maybe somebody involved would want to move and get their own place one day, but each person is coming from a few years of hardship on their own and sick of it and would love to save money each month.
Specifically based on some raw numbers for the areas involved, on face value I can see that if the people involved moved into a home vs. seperate rents the cost could be about a third if not better. Now if their is room in the bought home for all involved and the layout is nice compared to apartments for each and they could in theory live happily ever after, wouldn't it seem like a good thing to do if each person on their own may not have the best credit or be able to secure their own home loan?
I have read up allot on the net and I see basically you should have paperwork done legally to have everybodies affairs in order as to what would happen when somebody defaults, etc. Im not saying somebody might not change their mind but if everybody goes into it on the same page and gets everything drawn up right, their is no point in worrying about the future right?
The only other problem, and hopefully an accountant can answer this easily, is the tax issue. I know their are specific write offs for taxes when it comes to estate taxes, etc for a home, and also certain improvements. If their are then multiple owners I would hope this could still be worked in a way to benefit all those involved.