Home Buying in Connecticut>Question Details

Aahaughney, Home Buyer in Redding, CT

I want to buy a house for my daughter but I've just been informed that I need to put down 20%, is there

Asked by Aahaughney, Redding, CT Wed Jun 17, 2009

anyway around this?

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If your daughter can buy the house on her own, then Dan's advise is correct and you should contact a mortgage broker. If you are buying the house for her and you are already a home owner, then lenders will consider the house you are buying for your daughter an investment property and 20% down is common, some lenders are now requiring 25% down on investment properties.
0 votes Thank Flag Link Thu Jun 18, 2009
Yes there is. Ther are programs available for first time home buyers with as little as 3% down. Ther are some government programs that offer downpayment assistance as well. You should have her talk to a godd mortgage broker about her options. If you would like the name os some, you can contact me.

Dan ross
Web Reference: http://www.danrossre.com
0 votes Thank Flag Link Wed Jun 17, 2009
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