Posted on: 08th Mar, 2010 10:36 am
We've been getting different answers everywhere we turn.
We found a great home we want to buy.
However, my husband is in the process of short sale so he's no use on a new mortgage.
I am a stay at home mom so I have no income. My in-laws offered to help us buy a house but I'm not sure if we can do that.
Is it possible to get a loan with my in-laws without an income from me?
If so, could it be considered a first time homebuyer deal? Can we get a FHA loan?
Or do they have to buy it on their own and then consider it an investment property?
The down payment would come from my parents if we can't get a FHA loan.
Anyone have any suggestions for us??
Thank you!
We found a great home we want to buy.
However, my husband is in the process of short sale so he's no use on a new mortgage.
I am a stay at home mom so I have no income. My in-laws offered to help us buy a house but I'm not sure if we can do that.
Is it possible to get a loan with my in-laws without an income from me?
If so, could it be considered a first time homebuyer deal? Can we get a FHA loan?
Or do they have to buy it on their own and then consider it an investment property?
The down payment would come from my parents if we can't get a FHA loan.
Anyone have any suggestions for us??
Thank you!
your parents would have to buy the home and add you to title. most lenders require 25% down on investment properties. once, your husband is done with his shortsale and you have the ability to refinance; do so and quit claim your parents off the home.
