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Want to purchase a home for my daughter, can I do so with less than 20 percent down?

I am looking to purchase a 170-180k home for my daughter. Is there any way that I can put 10% down? by Joan_56458 from Paoli, Pennsylvania. Dec 14th 2015 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

That depends.. if you intend on moving in with your daughter, then yes.. 5% - 10% down is possible.. but if you are looking to purchase a home for her and you will not be moving in, then its possible you can co-sign, then she can purchase with 3.5% down via FHA financing, or 5% down using conventional financing.. but understand that your daughter must have a qualifying credit score as well as meet other eligibility requirements.. Co signers are ideal for those with limited credit or no credit or limited income.. co signers will not help if the borrower has bad credit. If none of these scenarios work, then you would be purchasing the home solely as an investor and investor loans require 20% down or more.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Dec 14th 2015
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Mike and Jill Kohler (LenderMike)
#31 ranked lender in Pennsylvania - 56 contributions

Hi Joan, yes it is possible to purchase a home with as little as 3.50% down. I am a Pennsylvania licensed real estate agent and mortgage loan officer so I can help narrow down the information to help you make an informed decision. I am not too far from Paoli and am familiar with the area. Please reach out to me and I will try and gain some understanding of the finer details of your situation. Jill Kohler,Net Equity Financial, 215-741-3131, www.netequityloans.com

Dec 15th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

The quick answer is maybe. Are you going to live in the house? Is she disabled? Is she also going to be on the loan? Can you just co-sign, or will you 100% purchase on your own? Co-signing would be the better, and least out of pocket way to go. Talk to a local mortgage broker in your area for more information about your individual situation.

Dec 15th 2015
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