How you can help your kids buy a home
Posted by Mariana Folgado
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Have you ever wondered if there's a straightforward way to help your kids buy a home? Well, there is, and it's one of the oldest programs available: An FHA loan.
Your best bet is to work with a local mortgage lender to walk you through the specifics, but here's how it generally works:
A parent and child can be co-borrowers on a FHA loan, even though the parent won't live in the home. Normally, FHA would require a 25% down payment for what is called a "non-occupying co-borrower" loan.
Together, co-borrowers who are related by blood, law, or marriage are eligible for 100% of the maximum FHA loan they qualify for with the low-down payment features of the FHA loan.
Together, co-borrowers who are related by blood, law, or marriage are eligible for 100% of the maximum FHA loan they qualify for with the low-down payment features of the FHA loan.
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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