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Old 11-17-2008, 08:49 PM
 
Location: Charlotte
52 posts, read 116,624 times
Reputation: 23

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Summer Child, ask your lender about a "family opportunity mortgage." You should be able to get 2nd home rates and reasonable down payment
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Old 11-17-2008, 10:24 PM
 
Location: Laguna Niguel, CA
768 posts, read 3,958,169 times
Reputation: 456
Quote:
Originally Posted by Daddys///M3 View Post
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.
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Old 11-18-2008, 08:17 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,097,275 times
Reputation: 952
Quote:
Originally Posted by ShanetheMortgageMan View Post
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.
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Old 11-18-2008, 09:33 AM
 
Location: Laguna Niguel, CA
768 posts, read 3,958,169 times
Reputation: 456
True. Hope the OP comes back so we can make more wild speculation
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Old 11-18-2008, 06:19 PM
 
30 posts, read 122,526 times
Reputation: 13
That sounds great. Thanks so much for the tip!
SC
Quote:
Originally Posted by Daddys///M3 View Post
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.
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Old 12-22-2009, 01:56 PM
 
1 posts, read 1,761 times
Reputation: 10
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
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Old 12-22-2009, 02:15 PM
 
Location: Wake Forest, NC
835 posts, read 3,527,758 times
Reputation: 646
Quote:
Originally Posted by RaulJosiah View Post
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.
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Old 12-24-2009, 06:53 PM
 
Location: Nebuchadnezzar
968 posts, read 1,770,579 times
Reputation: 345
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.
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Old 04-21-2010, 05:29 AM
 
1 posts, read 1,523 times
Reputation: 10
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

Last edited by leejessica; 04-21-2010 at 05:33 AM.. Reason: correcting text
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