All Forum Posts by: Mary Lloyd

@Josh Castellanos got it! Their income is not so great and the only debt they have is an auto loan. Thank you for the input

@Nicholas L. Is there a limit on what percentage of the downpayment are from gift funds?

@Nicholas L.Thank you for responding. In our situation, our main goal is to have them closer to my location. They didn't want to rent an apartment/multifamily anymore but the houses for rent on the safe areas are too expensive for them. So, we were thinking I can help them get a loan for a house since they do not have any downpayment available. I'll be providing that for them.

@Neil Schoepp

That makes sense. Thank you.

@Neil Schoepp my mom and dad will use it as their primary residence. I'll be staying there for about 2 months or so a year. They are planning to move in a different country in 8 years. They want me as one of the owners so when they leave, i can rent the place out.

My parents have not owned a house before and I currently have a mortgage on a house with my boyfriend. My parents and I are planning on buying a house together using a conventional loan.

For mortgage and tax standpoint, would that be considered a primary residence or a second home?

I am planning on buying a house with my parents. We are looking into ways to finance it with <15% downpayment. I currently have a primary residence that I share with my boyfriend and my parents have never bought a house before.

Any suggestions? I know conventional loans can do <15% but I am not sure if that's still the case of in buying with them.