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Helping first tine buyer.

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chelo
Member

Helping first tine buyer.

Hi,
My wife and I would like to help our nephew purchase a home. He would be the primary resident. The house is located just a few blocks from our home. We would like to be in the title if possible. I have not bought a home for almost ten years but would like for him to become a home owner and we can help with payments.
What options are there? We have not spoken to a lender yet. Home is located in the sf bay aream
Message 1 of 3
2 REPLIES 2
H-B
Regular Contributor

Re: Helping first tine buyer.

This can't be 2nd home for you so could be investment. If your Nephew wants to come on loan it can be consider Primary residence for him and you can co-sign with him. 

Message 2 of 3
StartingOver10
Moderator Emerita

Re: Helping first tine buyer.

If your nephew goes with an FHA loan you can be a non-occupant co-borrower. You probably can also go on the deed, check with the lender you are using. This is very common in my area with primary residents, especially first time homebuyers.

 

Edited for typo's!

Message 3 of 3
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