[mykalberta]

Just wondering if anyone has gone through this before with a bank. My friend brought up the idea. His parents were thinking of helping him buy a condo, he would rather have a house so he brought up the idea of getting a house together.

Does a bank even allow this with 2 separate incomes? How does the mortgage work with qualifying etc, does it use one persons rating or the combined or would we need to form a corporation and each get the mortgage on our own portion etc?

Yes I know the pitfalls, but while I might not trust my friends current financial position since he is still in school I do trust his "millionaire" parents position.

Thank you. I couldnt find anything helpful using the CP search.