Investment Property Loan

[LJ Charlotte]

Summer Child, ask your lender about a "family opportunity mortgage." You should be able to get 2nd home rates and reasonable down payment

[ShanetheMortgageMan]

Originally Posted by Daddys///M3

Actually what I am referring to is structuring it with both you and your parents on the loan, them as the occupying borrowers and you as the non-occupant co-borrower. It is basically like co-signing for them, only it does not matter if they do not income qualify although if they have credit issues that may be a problem, and you would have ownership interest in the property unlike a co-signer. It is also known as the kiddie condo program as many parents do this for their children while they are in college or after they move out on their own. This would allow you to structure the loan as an owner occupied residence. You would not own anything long term with anyone else other than your parents.

One would have to wonder the exact consequences retired individuals receiving Medicare would have for gaining ownership. A client of mine who was doing something very similar for his mother did not want her to be put on title because it would reduce her Medicare benefits to have ownership in the property.

[Daddys///M3]

Originally Posted by ShanetheMortgageMan

One would have to wonder the exact consequences retired individuals receiving Medicare would have for gaining ownership. A client of mine who was doing something very similar for his mother did not want her to be put on title because it would reduce her Medicare benefits to have ownership in the property.

That is a good point. Of course without any details one can only make suggestions.

[ShanetheMortgageMan]

True. Hope the OP comes back so we can make more wild speculation

[SummerChild]

That sounds great. Thanks so much for the tip!
SC

Originally Posted by Daddys///M3

Actually what I am referring to is structuring it with both you and your parents on the loan, them as the occupying borrowers and you as the non-occupant co-borrower. It is basically like co-signing for them, only it does not matter if they do not income qualify although if they have credit issues that may be a problem, and you would have ownership interest in the property unlike a co-signer. It is also known as the kiddie condo program as many parents do this for their children while they are in college or after they move out on their own. This would allow you to structure the loan as an owner occupied residence. You would not own anything long term with anyone else other than your parents.

[RaulJosiah]

Can I have a list of banks currently in preferrable in Virginia or any banks that have programs for 5%, 10% or 15 % down payment to buy investment properties

[dad2jules]

Originally Posted by RaulJosiah

Can I have a list of banks currently in preferrable in Virginia or any banks that have programs for 5%, 10% or 15 % down payment to buy investment properties

Unless you go to a small community bank that holds their loans the minimum down payment for investment property is 20%. No mortgage insurance ocmpany is insuring investment property thus the 20% down payment minimum.

[Swigchow]

I apologize if this has been answered elsewhere. I was wondereing if there are loans available for a condo in a complex with a high foreclosure rate and or low owner occupancy? These problems seems to create a cash only situation.

[leejessica]

Hey as you are looking for a Property Loan with minimum down payment, check out the Investment Property Loan Plan by DBS, which comes with lowest rates of 4.25% p.a. & upto 100% finance. You can also try for DBS AssetLine that gives easy access to more cash, more savings & you can pay as you use. It's the best option to pursue your dreams with financial freedom.
http://www.dbs.com/sg/personal/loans/homeadvice/default.aspx