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Updated over 9 years ago,
My mother helping me with mortgage because young/no income?
Hey everybody! This is my first post! Nice to virtually meet you.
So my roommate/landlord is selling the house at which I reside for 100k. We decided it was a good price and we are coming up with ways to fund it. I have never had to work, so I don't have any income. However, my mother is willing to help with getting the loan and putting down a down payment. I will be getting the house next May and living in it for two years. After, we may have a property manager manage it. So I have a few questions:
1) In a FHA loan, it requires the owner live in it. My mom and I will be both on the title. Even if her mortgage is in her name, could we still get a FHA loan? Could we both be on the mortgage if that helps any? Would it be worth it if we plan on buying and holding?
2) Could this be considered as my income so that I would be able to qualify for loans in the future?
3) Would a conventional mortgage be the best bet?
Thank you guys so much, I appreciate any insight anybody may have :)