I already own a house and now I want to buy my parents a house. Besides the programs for first-time homebuyers, are there mortgage loans out there that require less than 20% down?
In the UK lenders are very slowly increasing % loans and it is now possible to borrow up to 90% with a few high st lenders.(eg RBS) However rates with low deposits are not particularly attractive. Not all lenders will lend if the property is to be occupied by a dependent relative.
You do not say if you have a mortgage yourself. If you have your earnings must cover both mortgages. If you do not have a mortgage, or even if you do, you could remortgage your own house to raise a larger deposit & qualify for lower rates. To get best advice speak to an independent mortgage adviser.
February 27th, 2010 at 4:23 pm
In the UK lenders are very slowly increasing % loans and it is now possible to borrow up to 90% with a few high st lenders.(eg RBS) However rates with low deposits are not particularly attractive. Not all lenders will lend if the property is to be occupied by a dependent relative.
You do not say if you have a mortgage yourself. If you have your earnings must cover both mortgages. If you do not have a mortgage, or even if you do, you could remortgage your own house to raise a larger deposit & qualify for lower rates. To get best advice speak to an independent mortgage adviser.
References :
Independent Mortgage Adviser
http://www.asfinancial.eu
February 27th, 2010 at 4:35 pm
Yes, with both conventional and FHA. The FHA will allow for 96.5% LTV or 3.5% down payment.
FHA rates are at an all time low.
References :
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Charles K. Pinkus
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Mortgage Now, Inc.
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