If you need to purchase a home for your aging parents because they cannot qualify for a mortgage on thier own, there are mortgage programs that can help you. The property would be classified as a primary residence for your mother and father. It can be an investment property for you at the same time. Your parents must have insufficient income to qualify for the mortgage on their own and you must be their primary source of loan qualifications. Technically, you will own the property, but your parents will also be on the title. There are no distance requirements for the location of your parents residence, so they can be cities apart from your primary residence. To learn more about this or any other mortgages available, please call RREA’s in house lender, Terry Traylor at 281.288.3500. He can help you get pre-approved for your next real estate purcahse.
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