How to Buy A House for Your Parents {buying house} |

How To Buy A House For Your Parents
One of the most common circumstances for buying a second house in the middle-upper class is the need for additional living space for their parents. Although seemingly rare, plenty of people end up assisting or buying a house for their parents, which can be a confusing occurrence to a new or returning home-buyer. Well worry no more, because Senior Loan Officer, Jennifer Hernandez translates the process or three fiats you could choose from when going and buying your parents’ house.
For more information on mortgages, contact us at www.loanwithjen.com Equal Housing Lender NMLS # 514497
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Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497
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[@elibrown3670]

Thank u for that info

[@LoanWithJen]

THanks for watching!

[@breonnameyer1305]

Hi! Thank you for this video. To touch on the third option, what age is the parent considered “elderly”? And would the child still be able to do this option if they already have their own mortgage? Thank you!

[@LoanWithJen]

Hi Breonna, elderly is not defined as any certain age, but if the child is adult already, likely they are in their 50’s? That is really only requirement, that it’s a parent, and we have to show her tax return to show she does not earn enough income to support payment on their own sources of income. And does NOT matter that you already have a primary. Its ok. Special program.! if you need help contact me www.loanwithjen.com/contact

[@Aijemcire99]

​@LoanWithJen What if the elderly parent has no income at all? Thus, there is no tax return.

[@elibrown3670]

Hi Jen talked to a big lender today and they loan officer kept repeating that it could only be an investment property unless I moved out. How do I find more information on the third option you mentioned?

[@LoanWithJen]

Hi Eli! at 2:23 I mention option #3 which is buy the house for parents, as a primary. So conventional loans (only) have a stipulation that if you can prove your parents dont have enough income to support the payment (so provide their tax returns), then it should be ok. Its called Family Opportunity. Here is an article about it on US news. Any lenders should be able to do this. The guy you talked to sounds inexperienced. Unless you dont meet the guildelines mentioned here, I might be missing some details. money.usnews.com/loans/mortgages/articles/how-the-family-opportunity-mortgage-can-help-you-buy-a-home-for-your-elderly-parents