Call it creative financing..entertain my hypothetical
Wondering if this would technically be possible:
Could I "use" my brother who has less than great credit to obtain an FHA loan at a low-down payment, (I guess I would cosign??). They currently rent and this would help get them into a home, but even if he may be unreliable for paying the rent, with the right deal, the other occupant would be covering most of the mortgage.
*I understand the risk with the family dynamic, but legally and realistically, I'm wondering if this is feasible*
I'd like to obtain a multifamily property and in my local market it just doesn't seem obtainable without a low-down payment. My first rental was 25% down. That's not feasible to grow. I have a family and we are settled in our primary home.
Curious if anyone has utilized a strategy similar to this and could shed light on their experience.
Thanks!