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Can You Buy a Home for Your Parents?
Manage episode 180686519 series 1315561
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Have you thought about buying a home for your parents? Their level of mortgage qualification goes a long way in determining how the transaction will play out.
Many people would like to buy a home for their parents, but don't know the best way how. The answer largely depends on the circumstances of the parents.
Fannie Mae guidelines allow a child to buy a property for their parents, and if the parents don't qualify, the child can purchase it as a primary residence. The advantage of this is the lower interest rates and lower down payment requirements.
How you buy a house for your parents depends on their unique circumstances.
If the parents qualify for a mortgage, the child can still purchase the property, but it has to be structured as an investment property purchase, which will have more restrictive down payment requirements and higher interest rates.
If you or anyone you know are thinking about buying a home for your parents, we'd love to sit down with you and talk about the intricacies of this kind of transaction and how to put you in the best possible position. We'd be honored to serve you.
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