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Updated 2 days ago on . Most recent reply

User Stats

12
Posts
3
Votes
Brittney Yang
3
Votes |
12
Posts

Call it creative financing..entertain my hypothetical

Brittney Yang
Posted

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!

  • Brittney Yang
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