Buying Partners

The Purchase Partnership Program helps buyers split the mortgage with others and get the tax benefits. The program allows four people to buy a home or condo together as tenants in common.

Potential buyers first fill out a personality profile, then they're put through criminal and credit background checks. The buyers then meet each other and a realtor and if they get along they start looking at property together.

"They agree in principal to hold title to the property for a period of time and they choose, the group chooses either three years, four years or five years," said Brent Nelson.

Nelson is a realtor with Century 21 1st Choice Realty.

If one of the buyers decides to leave they have to cover the refinance charges before they get their money out of the property.

The other buyers are also put on the top of the list to find a new person to replace the roommate who left the agreement.

Century 21 1st Choice joined forces with Wells Fargo Private Mortgage Bank and sdroomie.com to create this new program.

Fox 6 Reporter Eric Collins has the details.

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