2nd Question: Is your son in school in California?
The reason I ask is because some loan programs would allow you to purchase a home for your son and you would both be on the title if he was in school. Otherwise, if you plan to buy your retirement home in California and go back and fourth between Ca and MD then it would make your sons home an investment property - and your retirement home a vacation property. However, if you plan to purchase AND live full time in California then the best option would be your home as a owner occupied home and your sons home as an investment property.
Please contact me for further information on this subject. There are many many options you could do depending on your situation.
OC Homes Realty
Yes! You may purchase a home in CA with your son's name.
We would have him be the principal on the loan. From the inception of the loan, we would have your son make the payments from his own account. As long as we can show that he has been making the payments (and on time), then that payment will not be counted against you when you go to purchase your retirement home.
If your son is a student, you may also utilize his name on the loan to purchase as an owner occupied. Thus you can get into the property with ownwer occupied rates and owner occupied terms.
Best methods of finance would depend on down payment, etc.
If you could send more details, I could point you in the proper direction!! :)
Yes you can help your son purchase a home in CA. If you go FHA with him on the title you can co-sign with him and not live in the home. This would require 3.5% minimum down payment. If you do not want him on title with you, then you would need to go Conventional Loan with about 25% down as an investment property. In this case you would have to qualify for a portion of the loan. Unless the rent in the area is way more than the payment. 70% of the rent will be considered as income to you to help you qualify for the loan.
I work in the North Orange County and Riverside County area.
If I can help you out please give me a call,
Prudential CA Realty
There are many questions to ask you to give you the best order of your purchases but without much other information I would say you would want to locate your son's place first. If you want your retirement home to be near his house you may want to see what areas you would like and focus on a radius of those or not worry too much about that and find a home that suits you best knowing you will be much closer that you are currently.
Regarding financing; the interest rates are great right now whether you are purchasing as an investment or a primary residence. Would you be willing to put your son on title? I would refer you to a lender or two so you can further determine the best options for your situation.
If I can be of assistance to you and your family please feel free to contact me and I will help you locate and secure a home for your son to start your relocation.
Good luck with your search,
Brian Wilson, Realtor
If you qualify for the mortgage, you can buy it as a 2nd home for the best rates. Then your son can live in it...until he can buy his own or until you retire and move out there. Do you live in Montgomery County? I'm from Fairfax VA originally.
How soon do you want to do this? When will you be retiring? Are you thinking of helping your son buy and then also buying a retirement home for yourselves soon after?
I offer the CHF Access half percent down payment program with a minimum 580 fico score which can also contribute towards your closing costs as well as an owner occupied loan. I need to know the details of both your son and your credit profiles to determine what you qualify for and then which are the best loan program options for you both. Do you have down payment and closing costs? If not, this program will get you into the home as owner occupied with the minimum out of pocket expenses and with an FHA 30 year fixed rate under 4% with the minimum 580 fico score requirement.
Here is what is availble in 92663 zip code and others in Newport Beach up to 700k.
Click the following URL to see the Listings:
Let me know if your considering any other cities as I can email or post them as well and to higher prices as well...
I can go over what minimum bedrooms, condo or sfr, maximum mortgage payment, maximum downpayment, debt to income ratios and middle fico scores and discuss what loan progam options that are available and which ones will benefit you the best financially. I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify for better rates and terms. Here is a link, flyer, maximum income limits and a needs list to gather for processing a loan approval. Any questions feel free to call me anytime...
CHF Access half percent down flyer, pdf
Sheryl Arndt, standard needs list checked, pdf
CHF Access income limits http://tinyurl.com/8lzf8he
Sheryl Arndt, Real Estate Broker â€“ Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience