My parents are moving to Florida, where I currently invest in SFHs. I would like to buy them a house, most likely in a 55+ neighborhood (I am not 55 years old, but they are :)). I am looking to put down as small of a down payment as possible and they will be "permanently renting" the property from me (paying the mortgage).
Until now my primary residence was their old house, which was now sold. I am overseas now for an extended period of time and I guess that means I have no primary residence. Can I get an FHA loan with a low down payment for their house if I claim it will be my primary residence?
Any other suggestions as to how I can go about getting a conventional loan with as little money down as possible? Any help is greatly appreciated.
If you previously lived with them and are currently overseas then I believe you could claim the new house as your home of record or primary residence. If not, you could always partner with your parents to buy the home so it's their primary residence.
Partner and buy the home in your parents name or all your names . Simple and easy, it would be the normal method for them to buy and own.
I am guessing you are attempting to avoid taxes in the future however the likely hood is that it will be sold before both pass and would therefor not be a issue.