Financing in 60640>Question Details

Carolp13, Home Buyer in Chicago, IL

If I own my home (no mortg) and my daughter is about to lose her home in another city, can I get FHA loan to get her a house?

Asked by Carolp13, Chicago, IL Thu Oct 18, 2012

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Nicholas S Nelson’s answer
Good Morning Carolp.

The answer to you question is no. FHA guidelines do not allow a non owner occupied/investment property. There is the possibility of conventional financing though. Your best option would be to talk to a experienced mortgage loan officer that can look at your situation and determine what best options would fit. I have over 15 years experience and would be more than happy to see what options would be available for you.

If you would like to talk more please call or email me at the below contacts.

Good Luck,

Nick Nelson (NMLS #384413)
1st Step Mortgage Group
815-289-0880 - Phone
nickn@1stepmortgage.com
0 votes Thank Flag Link Wed Nov 7, 2012
Call me to discuss your options within this situation as there are options available that could be of interest.

Chris Diamond
Diamond Residential Mortgage Corporation
NMLS: 771882
chris.diamond@thedrmc.com
847-775-2188
0 votes Thank Flag Link Fri Apr 12, 2013
If you have enough equity in your home, you could take cash out of it and then gift it to your daughter.

If you have questions, please let me know.

Thanks,
JP



JP Marzano
Senior Loan Officer #574681
Chicago Financial Services
312-204-6556 - direct
jpmarzano@cfsmortgage.com
http://www.themortgagecall.com
0 votes Thank Flag Link Mon Mar 11, 2013
I'm not sure if I am understanding your question completely. Feel free to give me a call.

Sean Cochran
Quality Mortgage Lending
http://www.qmlending.com
630-330-2229 cell
630-470-6830 office
0 votes Thank Flag Link Mon Mar 11, 2013
Whether you can get any loan is determined by your credit. You can talk to a reputable mortgage broker to find out if you qualify. If you own your home, you may also use a home loan in order to make an investment in another property. Good luck!
0 votes Thank Flag Link Sat Nov 3, 2012
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