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Can a renter in Los Angeles CA buy a home in Fresno, Ca with less than 20% down. Parents would live there rent free.

My son rents a home in Los Angeles,CA and works there too. Due to the great housing prices in Fresno,CA he wants to buy a home in Fresno and have my husband and I live there rent free. We would maintain the property. He has excellent credit. Would this be considered an investment property or can he purchase a home with less than 20% down? by afj838_901_199 from Fresno, California. Jan 5th 2013 Reply


Eddie Garcia (eddie_752_499)
#584 ranked lender in California - 5 contributions

Yes, you can with 3.5% down. 30yr fixed rates under 3.26% zero points. Must have 620 min fico and at least one of you must be on the loan with your son.

Jan 5th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,002 contributions

In this case, it is pretty straight forward. He would be buying the house as a rental property. He has no plans on living there, and will be renting it out to someone else. That is an investment loan. With that said, there are other possible routes to choose. If at least one of you AND your son are on the loan, then you can do as a non-occupying co-borrower FHA loan with just 3.50% down payment.

Jan 6th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Good Morning! In this situation, would your son also be occupying the property with you and your husband? If not, the purchase would be considered an Investment Property and the Down Payment requirement would be at least 10% down. If you would like to send more specific details, please feel free to do so. You can reach me directly by visiting my profile and sending me an email from there. Thank You and Good Luck.

Jan 6th 2013
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Lorne Harvey (lorneharvey)
#80 ranked lender in Washington - 431 contributions

My suggestion would be to consider financing the home as a "2nd Home" as he has ties to the area, meaning the parents living there. In my opinion it would be a stretch to do FHA financing on a property that is not owner occupied. That being said, it might make sense to have the parents on the loan and as one mentioned, have the son be a non occupant co borrower.

Jan 6th 2013
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

there is a great loan for you!! 10% down , investment..property your son can not be on the loan as a occupant , since his job is in another area but he can buy as a investment please contact me at yourloanpartnerforlife@live.com 602 330 1598 i have a excellent loan officer in your area also.. you can call me today at 602 330 1598 linda

Jan 6th 2013
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Edgar Aranda (earanda)
#752 ranked lender in California - 93 contributions

Yes he can! With 3.5% as a down payment.

Jan 6th 2013
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Brian Paris (bparis)
#629 ranked lender in California - 51 contributions

Yes! Absolutely. As a co-borrower you can get in with as little as 3.5% down. We have local offices in the area. If you need help feel free to call or email me.Thanks,Brian

Jan 7th 2013
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