Simon Charles White asked:
A really unique aspect of FHA loans is that non-occupying co-borrowers are allowed to be co-signers on the loan in addition to the primary occupying borrower. This means that if a person buying a home does not have the required income to qualify on their own, they can have a co-borrower who doesn’t live in the property co-sign to assist them in purchasing a house. One really interesting way to utilize this unique feature of FHA loans is for parents to assist their children in buying homes. For example if your a parent and your child is in college, and you would like to invest in a property for your child to live in while they attend college, a FHA loan is a terrific way to purchase a property for this purpose. Using an FHA home loan would allow you to put only 3% down payment and get the most competitive 30 year fixed loan rates available today on an investment property that your child could live in while they are in school.
Wouldn’t it be great to be able to invest in a property and have your child pay rent on a property you own for 4+ years vs. having them rent and throwing that money out the window? Additionally, they could have roommates that pay your mortgage!
College towns tend to be excellent areas to buy real estate as these areas are often very desirable since they have a college as an anchor and tend to be lively communities with a attractive lifestyle. Additionally, demographics in the U.S. show a surging population of college students from the children of the baby boomers entering college. This will provide pressure on rental demand in the future were you to hold the property as an investment.
And it doesn’t have to be for a child in college that you co-sign for an FHA purchase loan. It can be for a child getting stated, a nice, a nephew, a grandchild. In all these situations a relative can be a co-borrower on an FHA home loan that would allow you to buy a property with 3% down and receive the best 30 year fixed mortgage rates available today.
Renee
A really unique aspect of FHA loans is that non-occupying co-borrowers are allowed to be co-signers on the loan in addition to the primary occupying borrower. This means that if a person buying a home does not have the required income to qualify on their own, they can have a co-borrower who doesn’t live in the property co-sign to assist them in purchasing a house. One really interesting way to utilize this unique feature of FHA loans is for parents to assist their children in buying homes. For example if your a parent and your child is in college, and you would like to invest in a property for your child to live in while they attend college, a FHA loan is a terrific way to purchase a property for this purpose. Using an FHA home loan would allow you to put only 3% down payment and get the most competitive 30 year fixed loan rates available today on an investment property that your child could live in while they are in school.
Wouldn’t it be great to be able to invest in a property and have your child pay rent on a property you own for 4+ years vs. having them rent and throwing that money out the window? Additionally, they could have roommates that pay your mortgage!
College towns tend to be excellent areas to buy real estate as these areas are often very desirable since they have a college as an anchor and tend to be lively communities with a attractive lifestyle. Additionally, demographics in the U.S. show a surging population of college students from the children of the baby boomers entering college. This will provide pressure on rental demand in the future were you to hold the property as an investment.
And it doesn’t have to be for a child in college that you co-sign for an FHA purchase loan. It can be for a child getting stated, a nice, a nephew, a grandchild. In all these situations a relative can be a co-borrower on an FHA home loan that would allow you to buy a property with 3% down and receive the best 30 year fixed mortgage rates available today.
Renee