Posted on: 03rd Aug, 2009 04:48 pm
Hello!
I am a full time student who is having to relocate to another state to continue my education. Instead of renting someplace I have found that the price of real estate is much more practical. My father has agreed to purchase a home for me to live in. His concern is getting a mortage since he will not be living in the home. I am a full time student with no income other than financial aid (which would cover the mortgage for the particular homes I am looking at). I also plan to have a roommate. The roommate would most likely pay most of the mortgage. My question is are there loans out there where the interest rate isnt jacked up because it is non owner occupied? What would be the minimum down payment amount? Are these types of loans even available anymore? Any advice would be greatly appreciated. Thanks!
Krista
I am a full time student who is having to relocate to another state to continue my education. Instead of renting someplace I have found that the price of real estate is much more practical. My father has agreed to purchase a home for me to live in. His concern is getting a mortage since he will not be living in the home. I am a full time student with no income other than financial aid (which would cover the mortgage for the particular homes I am looking at). I also plan to have a roommate. The roommate would most likely pay most of the mortgage. My question is are there loans out there where the interest rate isnt jacked up because it is non owner occupied? What would be the minimum down payment amount? Are these types of loans even available anymore? Any advice would be greatly appreciated. Thanks!
Krista
yes, your father can purchase the home as an "investment". The rate will not be too bad but his down payment will need to be at least 25-30% depending upon the lender. To help with his qualification, he would need to get a signed lease from yourself and your room mate.
Kygaitin
Eric is correct. down payments required may be higher than for a primary residence
Good luck and feel free to ask
Eric is correct. down payments required may be higher than for a primary residence
Good luck and feel free to ask
