I am looking to purchase a property for my father to live in/ rent from me. He turned 65 recently, and is currently living in an apartment. Although he has a part time job, he doesnt have much cash, and he cannot qualify for a home loan on his own.
I offered to purchase a small house 2bd/1bath that needs some work, if he paid the monthly note it. He was a carpenter for a number of years, and is more than capable of doing just about anything that a house needs.
I understand that HUD homes are typically sold to owner/occupants, at least in the initial offering period. However, I have also been told there are some allowances for purchasing for family members if they are going to be the primary resident...
So, can I use my cash as a down payment on a HUD house, in its initial offering period to purchase a house that my father will live in? I do plan for the house to be in my name.
If you are purchasing during the Exclusive/Owner Occupant period , you would need to occupy the property
You can purchase under his name with you as the lender
Thank you, that is the way I understood it. However, someone was telling me about the "Family Opportunity Mortgage Program" and understood it could be used to in conjunction with a HUD house purchase.
However, even without a straight HUD purchase, if I am reading this correctly, I could still purchase a house for much less than 20% down.
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