Updated over 5 years ago on . Most recent reply
Buying a house for mom near me.
Hello all. My wife and I will be buying a house for my older mother in the near future, in the next year or so. She’s currently in Texas and I’m in Virginia. Her property and house is in my name, but I don’t plan on selling because it’s the only thing I have from the family when she passes. I’ll try and put a renter in it although it’s barely livable, plus mom is on a fixed income of only social security. My wife and I were thinking of using an fha loan, but some of our options are limited. I’ve found some houses with renters already in place, but fha prohibits purchasing a house with a renter already in place. I like the idea because it gives me a little time to prepare mom and have someone else fit the bill for me. My question, without calling a ton of local lenders and asking is are there any conventional loans out there with low or no down payments? We don’t have a ton of money to throw down. Thanks in advance.
V/r,
Johnny