UPDATE: It's still difficult ...

Sun, 04 Oct 2009 20:47:00 GMT

UPDATE: It's still difficult to purchase a 2nd home with less than 20% but you may want to try a credit union.....I have a current buyer who owns her home, her husband owns a 2nd home which is rented and they are considering purchasing a 3rd home for thier new blended family.

The client's credit union told her they will ignore the homes that are rented and approved her for a 5% down, 5.3APR loan for the third home which surprised me but makes checking into your credit union a smart option.

The obvious answer here, ...

Mon, 06 Apr 2009 00:02:00 GMT

The obvious answer here, even though you want it to be in your name, is to put the home in the Mother's name as well as your name. Once you have purchased the property, you should have no trouble avoiding things like probate. Providing it is her principal residence, she could be able to get away with as little as 3.5% down on an FHA loan. If she hasn't owned her own home in 3 years or more, she could qualify for the $8,000 stimulus money for first time buyers if she is closed before the end of November.

In this lending environment, it is difficult to get away with less than 20% down on a 2nd home purchase. If it's a condo in certain parts of town, it could even be up to 40% down. Talk to an informed lender about your choices and Talk to your accountant about tax consequences for both you and the mother.

Zillow Advice: Home Buying - how can we avoid 20% dn on 2nd home.

UPDATE: It's still difficult ...

The obvious answer here, ...