Buying A House For A Relative To Live In «FULL»

Buying a house for a relative to live in involves choosing a financial structure that balances your budget with your desire for control and potential tax benefits. Because these are "non-arm's length transactions," lenders and the IRS often provide closer scrutiny. 1. Choose a Financing Strategy

: You get the same favorable interest rates and low down payment requirements (as low as 5%) as a primary residence, even though you won’t live there. buying a house for a relative to live in

: If the relative doesn't meet the "disabled child" or "elderly parent" criteria, you can buy the home as a second residence or investment property. Buying a house for a relative to live

How you hold the title determines what happens if someone passes away or if you decide to sell: Helping a family member buy a home - Merrill Lynch Choose a Financing Strategy : You get the