Home Buying in San Francisco>Question Details

Anatoly, Home Buyer in San Francisco, CA

Is it possible to buy a house for my daughter: I pay and she will be the owner?

Asked by Anatoly, San Francisco, CA Fri Dec 19, 2008

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A lot has been said already. So I'll keep it short ~ Yes. Feel free to contact me for more details.

0 votes Thank Flag Link Fri Dec 19, 2008
Dear Anatoly,

The long and the short of it is YES you can. You need to hook up with a lender first and foremost and he/she can tell you the ramifications on your taxes and about the different types of loans. I suggest you call Serena Greening, Certified Mortgage Planner, @ Guarantee Mortgage, 636 Fourth Street, SF 94107. 415-694-5556 or 415-819-2605.

After you talk to her or some other lender, then you should hook up with a realtor to assist you with your search. I would be delighted to work with you and so would a zillion other realtors. Please contact me or one of them to help you find the right property and close the deal!


0 votes Thank Flag Link Fri Dec 19, 2008
Yes you can. The financing may change a bit depending on how close you live to the house, what your finances look like and what your daughter's finances look like. A good agent and mortgage representative are essential.

Shaban Shakoori
TRI Coldwell Banker, SF's #1 Office
0 votes Thank Flag Link Fri Dec 19, 2008

You can definitely buy for your daughter to live, the question is what's the best way to do it. I'll need to check current guidelines to make sure as it's been a few months since we did a deal like this, but we did several such deals earlier this year. In once case where the daughter couldn't be on the loan they parents put her on title after close of escrow. Otherwise it will probably be looked at from a lender perspective as an investment property and those rates are higher. I would talk with a few lenders before making any decisions, and we'll be happy to give you some lender/mortgage broker referrals and/or provide expert no-strings advice on your purchase.

Best Regards,

Lance King/Managing Broker
415.722.5549 Cell
0 votes Thank Flag Link Fri Dec 19, 2008
you can also go with Cal HFA @ 3.5 % down with a non-owner occupant co-borrower. Rate is a little higher, but the down is minimal. You can also put in place a mortgage accelerator to pay off the property much sooner. There are other options as well but that might be your best bet. I am CAL HFA certified and can help you look at that and other options. Contact me if I can help.

Mike Sanchez
0 votes Thank Flag Link Fri Dec 19, 2008
what is a cal HFA
Flag Wed Dec 9, 2015
You can buy for your daughter to live. both of you will need to be on the loan to qualfiy and the loan amount needs to be $417,000 or below or if you put 20% down, all that money can come from you.

You can email me at ygong@gmwest.com. We are the largest independent mortgage broker in San Francisco and we have more products available to us than any other office, so I am sure we can get you the best rates too. 415-345-4347.
Web Reference: http://www.yeloan.com
0 votes Thank Flag Link Fri Dec 19, 2008

You should be able to do that. However, if you currently own a home, your financing will be as if you are purchasing an income property or vacation home. Again, as stated below, you should contact either legal or tax advisor for that. You should definately speak with a mortgage consultant first to find out what interest rates are for your particular situation. Regarding how you or your daughter will hold ownership, again, is a question to be answered depending on your particular situation. Definately retain some legal advise, which, we as Realtors, should not be giving. Your daughter is very fortunate, good luck.
0 votes Thank Flag Link Fri Dec 19, 2008
Hi Anatoly.. I just had a situation like this on Monday. I closed one of my listings. A father purchased the home for his daughter, She had just recently started a job and could not show employment history since she just graduated form college. The fathers name is on the mortgage and title. And, in time they will add her name to the title. It really all depends on if you are getting a mortage or not. If you are paying cash, then it really doesn't matter whos name the house goes in... I would call an attorney just to make sure you are on the up and up.. Good Luck!
0 votes Thank Flag Link Fri Dec 19, 2008

There is no reason, that is obvious t us, that you can not buy the property and put the property ownership in the name of your daughter but this is an issue best left to your legal advisor(s).

Good luck
0 votes Thank Flag Link Fri Dec 19, 2008
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