I am interested in purchasing a home so that my aging parents may live with us. The home is larger than I would typically buy to accomodate both my parents and my wife's mother. How do I go about getting a mortgage that includes my income, my wife's, and our parents? Thanks for any thoughts.
2007-05-20 06:20:25 · 4 answers · asked by joegolf5150 1 in Business & Finance ➔ Renting & Real Estate
Your parents can certainly apply jointly on the mortgage application and all parties can take title to the property. You can do this with a mortgage broker or local bank. You may find more flexibility with a broker since they represent several different lenders and are not limited to one set of guidelines. Rates are typically lower as well.
You should really contact an attorney as well to make sure that you take title in a manner that will protect your interest in the property should one of your parents pass away. I recommend "tennants by the entirety", but I am not an attorney.
I think it is a wonderful thing you are doing! Bless you and your families, and best of luck on your new living arrangement.
2007-05-20 08:22:14 · answer #1 · answered by Mortgagemom 3 · 0⤊ 0⤋
You are entering into deep and murky water, less so if your culture is accustomed to adult generations living together. However, the combo of two sets of inlaws living together sounds difficult.
That being said, go to a loan broker and ask them. I suspect that everyone would have to be on the loan which means that everyone on the Deed of Trust. It would likely be easier if Mom and Dad and Mom gave you sufficient cash (in exchange for an ownership interest) so that your mortgage would be within your income limits.
2007-05-20 06:42:07 · answer #2 · answered by Querious 3 · 0⤊ 0⤋
To have all incomes included, all parties have to be part of the loan. This normally is not a very good arrangement when you do it with parents, but to each his own. You also have to be careful and be sure the house you are buying is zoned to allow two families to live under one roof.
2007-05-20 07:12:17 · answer #3 · answered by ttpawpaw 7 · 0⤊ 0⤋
Contact a Direct Mortg. Lender one who "funds loans in house" that is very important. Less Costs & a lower rate with that type of lender as opposed to your typical mortg. "broker".
All of you CAN qualify together, all of your incomes can count towards your pre-approval, however the lender will Use the person with the highest credit score.
Feel free to email me if you have any more questions.
2007-05-20 06:41:30 · answer #4 · answered by Miss Emily1 3 · 0⤊ 0⤋