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buying a second home

I own a primary residence that is paid for.  I want to buy my deceased moms home.
The property is set up so that part of it is residential, and the other half is designed for an in-home business.  I would like to utilize the in-home business for myself, and have my daughter be able to live in the residential part, and be part of the business.
What type of mortgage should I try to get... investment ?
  • September 19 2012 - San Diego
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Answers (2)

You would need to structure it as an investment property if you don't intend on living in the property. However, another idea might be to have your daughter on the loan and you as a co-signer. In this way, you might be able to structure it as a primary residence. Of course, there are numerous factors involved in terms of qualifying.


  • September 19 2012
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I would give the same answer as Shannon. Also an investment property requires 20-25% down and 6 months in reserves.
  • September 19 2012
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