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Buying for Grandparents |
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I just recently signed a lease for another apartment again here in Virginia, but I would like to take advantage of the buyers market if possible. My plan is to purchase a house for my grandparents (currently living in Las Vegas) intending to move to Oregon. They plan to rent in Oregon once they move in June/July. Obviously I would have to pay the difference between what they are willing to pay for rent, and the actual mortgage. I am currently debt free, and have approximately $8-10k to put down. I am also eligible for VA loans. My current annual salary is around $85-90k, plus $5-7k for military reserve pay. Financially, I feel confident in purchasing a home at the moment, but I haven't been able to find a loan that I qualify for, mainly because I will not be living in the residence, and my plan is considered an "investment property" which usually requires about $38k or so for a $250-280k purchase.
Any suggestions or ideas would be greatly appreciated.
Thanks,
JC |
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As you realize, your VA nothing-down loan is good only for owner-occupied property. My only suggestion is that you contact a couple of mortgage brokers (that's not the same as not mortgage bankers.) Of there's anything you can do, they'll know about it. But it's getting harder to find mortgage money of all kinds these days. |
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Edith
Originally published on May 15, 2008 |
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