Advice on buying a home for parents?

Meta
Jaixjwns

Go to company page Meta

Jaixjwns
Dec 31, 2021 16 Comments

I am looking to buy a home for my parents the end of this upcoming year. Both are unemployed due to COVID layoffs, but a couple years shy of Social Security retirement age.

Anyone have experience doing this?

Seems like we don’t qualify for the Family Opportunity Morgtage since they are a few years away from being able to collect Social Security.

I can’t claim it as a second home since it will be less than 50 miles from my current home.

I would prefer not to qualify as an investment property since down payment requirements and interest rates are less favorable.

Is the only option then to apply with at least one of them on the loan with me as either a co borrower or a non-occupant co borrower? Is this even possible since they have no income? Can I be a full co borrower if I am not physically going to live in the home?

Any other options I should be aware of?

IC5 DS - $320k

Remote in a LCOL area.

comments

Want to comment? LOG IN or SIGN UP
TOP 16 Comments