Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 10 years ago on . Most recent reply

User Stats

86
Posts
6
Votes
Hae-Yuan Chang
  • Investor
  • Orlando, FL
6
Votes |
86
Posts

My mother helping me with mortgage because young/no income?

Hae-Yuan Chang
  • Investor
  • Orlando, FL
Posted

Hey everybody! This is my first post! Nice to virtually meet you.

So my roommate/landlord is selling the house at which I reside for 100k. We decided it was a good price and we are coming up with ways to fund it. I have never had to work, so I don't have any income. However, my mother is willing to help with getting the loan and putting down a down payment. I will be getting the house next May and living in it for two years. After, we may have a property manager manage it. So I have a few questions:

1) In a FHA loan, it requires the owner live in it. My mom and I will be both on the title. Even if her mortgage is in her name, could we still get a FHA loan? Could we both be on the mortgage if that helps any? Would it be worth it if we plan on buying and holding?

2) Could this be considered as my income so that I would be able to qualify for loans in the future? 

3) Would a conventional mortgage be the best bet? 

Thank you guys so much, I appreciate any insight anybody may have :)

Loading replies...