Profile picture for paulku

Family Opportunity Mortgage or Investment Property

I own a home and I wanted to buy a condo for my parents near by. They have very low fixed income so I need to pay for most of the mortgage. I want to know what my best loan option will be (Best tax benefits, lowest out of pocket). The condo will be less than a mile away from my place and they will be chipping in $600/mo for a place that would normally rent for about $1,200/mo. 2nd Home, Family Opportunity Mortgage or Investment property?

Lenders... Help me out!

Thank you
  • March 13 2013 - La Crescenta-Montrose
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Answers (2)

Profile picture for Brian GFL Capital
for an investment condo i would recommend a minimum of 25% down
  • March 14 2013
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Profile picture for daveskow
you will need to purc hase it as a rental property .....which means  likel 20% down ......if you buy a condo - make sure that  the complex  is one that lenders  can make loans in  before getting to deep into a transaction
  • March 13 2013
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