Posted on: 29th May, 2013 01:26 am
As my parents are immigrants, they don’t have any kind of credit and won’t qualify for a mortgage. So, can I apply for a mortgage and buy them a house?
Hi Victor,
If you meet all the required criteria of the lender, then you can take out a mortgage and buy the property for your parents. However, the property will be in your name as you are taking out the mortgage.
Take care
If you meet all the required criteria of the lender, then you can take out a mortgage and buy the property for your parents. However, the property will be in your name as you are taking out the mortgage.
Take care
Yes, you can get a mortgage for them but it'll be on your name and not theirs.
You would have an issue with a straw buyer, If you are not intending to live in the home for atleast 12 months, then you stating to purchase this property as owner occupied, would be lying. You would be best to do it as a investment property or possibly a 2nd home, depending on your situation.
If you have a good credit rating, credit history, and if you meet all the necessary qualifications, then there shouldt be any problem with applying for a mortgage. Be aware, though, that you cant put the house under their names. It will be under yours, so make sure to discuss this with your parents-- especially make sure theyre aware of the payment terms.
Yes, you can buy and own a house in the US. But you need to make sure that your native country doesn't have any restriction on its own people regarding owning a house or any piece of real estate in a foreign land.