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Want to buy condo for elderly parents in another state, but 1st time home buyer

Profile picture for misstiff79
Hello,
I need advice on how to purchase a condo for my elderly parents who live in another state. I currently live in Denver, CO with my bf, and my parents live in Reno, Nevada. I am interested in purchasing a small condo for them in the downtown area of Reno. I found a 2bdrm, 2 bath condo  for 40K. I have never owned a home, and understand that I have to occupy the first house that I am buying if I plan to get a loan. Is there any way around this? 
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January 15 - Reno
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Profile picture for Wes Black
Go to your local bank and talk to them first. They will be knowledgeable about all the programs that would be to your advantage. It is a very good thing you are doing. Then get a great realtor to keep you on track.
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January 15
Profile picture for Carsa Tennant

 

Hello, first let me point out that your intent is commendable. I would advice to find yourself a well knowledgeable and informed realtor. Base on their experience, they should be able to guide you through this process.

You should also, contact an attorney familiar with your area real estate laws, documentations requirerments, and regulations. Other recommendations would be that you discuss with your realtor, lawyer, and mortgage provider about the owner occupancy laws of intent before you make your purchase.

Best of luck.



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January 15
Profile picture for Carsa Tennant

Hello, first let me point out that your intent is commendable. I would advice you to find yourself a well knowledgeable and informed realtor. Base on their experience, they should be able to guide you through this process.

You should also, contact an attorney familiar with your area real estate laws, documentations requirerments, and regulations. Other recommendations would be that you discuss with your realtor, lawyer, and mortgage provider about the owner occupancy laws of intent before you make your purchase.

Best of luck.


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January 15
 
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DiscussionWant to buy condo for elderly parents in another state, but 1st time home buyer
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