can a person who already owns a house, buy a house for an family member without it having to be an investment?
trying to get around it having to be an investment property, no one will be making any money on the house.just a father buying a son a house for his family.
father will not be living in the house only son and son family
- 1 decade agoFavorite Answer
If you mean can he get a mortgage on the property without having the higher qualification as an investment, no he cannot, since he already HAS a residence.
The son MAY be able to get a mortgage with his father co-signing, but that would still probably be a higher rate.
- KamalLv 41 decade ago
Buy the property, and after a while you can transfer to your son with a "quit claim deed". You'll still be responsible for the mortgage, but it would be under his name, and will pass on being his homestead property
- chatsplasLv 71 decade ago
If father is buying house for son, with son, and son's name and father's is on deed, then it is owner-occupied property.
The key is owner-occupied to avoid higher down payment and higher interest rates for investment property.Source(s): real estate investor
- Leo FLv 51 decade ago
No you can only have one personal residents.
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- 1 decade ago
yes you can. owner occupied although you may not receive the best pricing (apr).