Buying a rental |
| Posted by: Sara Jul 9 2004, 03:45 PM |
| I currently am renting the house my parents own. My question is how difficult is it to get a home loan to purchase this house in my name? |
| Posted by: loanuniverse Jul 9 2004, 05:33 PM |
| ” I currently am renting the house my parents own. My question is how difficult is it to get a home loan to purchase this house in my name?” Sara I am confused. Are you: 1- Renting the house your parents own yourself and living there as a tenant? In which case, this is a regular residential loan where you would qualify depending on your income. Or 2- Renting the house to a third party and you want to buy this house as an income producing property from your parents? In this case you need to contact some lenders and ask for an “investment property” loan. Make sure that they understand that this is a single-family house as some lenders might have a product that is a little more lenient than the regular commercial loan. Of course, you can also go the commercial loan route, but you will need a higher down payment. In the neighborhood of 20% to 25%. Look at the real estate section of this site or other posts for ideas. The topic comes up a lot. Good luck. |
