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You very well maybe correct. I just feel the underwriter will need to document the "hardship" regarding the elderly parent- to be in compliance with the intent of the program.I have never used the program, I would just be surprised if there were not some type of verification of income or disability etc....for the parent or child.
I agree with Larry - just based on what we know from the info provided by the "op" - I do not believe most investors will allow this to be used to side step bad credit by either party.
Mark R Chaffee is right on target!
Below are the Fannie Guidelines that may apply to this situation:
Parents who want to provide housing for their physically handicapped or developmentally disabled adult children who are unable to work or who have income that is not sufficient for them to qualify for a mortgage on their own have special home financing needs. In recognition of this, we will consider a residence that parents purchase or refinance for such children to be a principal residence for purposes of satisfying our mortgage eligibility requirements even though the parent-borrower will not be the occupant of the property. We will extend this same flexibility to children who want to provide housing for elderly parents who are unable to work or who have insufficient income to qualify for a mortgage of their own.
Unless you plan on moving into the new home the transaction will be an investment property. If you say you are purchasing as primary you will sign an owner occupancy agreement, not moving in is fraud. As for forming and LLC to hold ownership you will find very few if any lenders that will loan to the LLC. Apply in your name as an investment property and rent to mom to help offset the payment.
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