Can I buy a house in my sons name?
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Can I buy a house in my sons name?
A If your sons are under 18 then no, you can’t buy the house in their names because minor children can’t own property – it has to be held in trust for them.
Do I have to declare rent from a family member?
Generally speaking, payments from a family member for board or lodging are considered to be domestic arrangements and are not rental income. In these situations, you also can’t claim income tax deductions.
Can I take over my parents mortgage?
You can transfer a mortgage to another person if the terms of your mortgage say that it is “assumable.” If you have an assumable mortgage, the new borrower can pay a flat fee to take over the existing mortgage and become responsible for payment. But they’ll still typically need to qualify for the loan with your lender.
Can I buy a second house?
Buying a second home means taking on more than just mortgage costs. Property taxes, insurance, maintenance and repairs come along with the keys to a secondary property. You may also need extra liability insurance and professional property management if you plan to rent the property.
Do you need 20 down to buy a second house?
If you have a lower credit score or higher debt-to-income ratio, your mortgage lender may require at least 20% down for a second home. A down payment of 25% or higher can make it easier to qualify for a conventional loan. If you don’t have a lot of cash on hand, you may be able to borrow your down payment.
Can I rent my house and get another mortgage?
If the answer is no, then you can approach your existing lenders for “permission to let”. Permission to let is where your existing lender may give you authority to rent out your existing home for 12 or possibly 24 months. Your lender may charge you a fee, a higher interest rate or both.
Can I buy a second house with no money down?
USDA and VA home loans allow borrowers to buy homes with no down payment. For example, USDA loans are available to eligible buyers looking to purchase homes in eligible rural areas (and even some suburban areas) around the country.
