Home Buying in Philadelphia>Question Details

Moodie66, Home Buyer in Philadelphia, PA

thinking about purchasing a home for my daughter who is graduating from college in 2013.we already own a home. is this possible?

Asked by Moodie66, Philadelphia, PA Wed Oct 3, 2012

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12
Sheri Curci’s answer
Good Evening Moodie, Yes it is Possible.

It would be better for you... if we can confidentially talk. There is allot of options to go over with you.

Can we confidentially talk?

Our Son Graduated from Temple U + we did the same thing.

All the Best, John + Sheri Curci RE/MAX Properties 215-757-2889
0 votes Thank Flag Link Thu Oct 4, 2012
It is definitely possible and a lot of people are doing the same thing. You need to find yourself a good agent, mortgage loan officer and should talk to your tax professional. Feel free to contact me directly with any questions or concern.
0 votes Thank Flag Link Sun Oct 7, 2012
I hold the ABR designation, accredited buyer representative and love to work with buyers. Give me a call or email me.
Gita Bantwal ABR,CRS,GRI,CDPE,SRES
Re/Max Centre 2153438200x124 or 2153438206
0 votes Thank Flag Link Sun Oct 7, 2012
Hi,
Congratulations to you and your daughter!
This is a definate yes. You should talk to a lender. I have a great one in office that could help you. It is absolutely free to ask questions! Please contact me and we can get you set up to meet with him!
Thank you, Good Luck!
Christina Dunkerson
REALTOR
0 votes Thank Flag Link Thu Oct 4, 2012
The first step is to find agent to work with. Then you and you agent can plan and discuss with other professionals ie: CPA, Mortgage Professional how much you will need for fees, closing cost, down payments. This will require planning and working together. Just remember You will be hiring these professionals to HELP you make the RIGHT and BEST dissensions for what you want to do.

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152
Office.(215)725-5700 X49
PhilCunningham2004@yahoo.com
http://www.GreatPaRE.com
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Wed Oct 3, 2012
Your daughter may qualify to purchase on her own if she is employed right out of college. Most lenders require 2 years work experience but in the case of a recent college graduate they do not have the same requirements. Just a thought. Your daughters buying power may be greater than if you were to apply for a second home. Also, she would not be required to put the same 20-25% that is typically required on an investment property. Feel free to contact me with any questions. I just helped a recent graduate purchase after his first month of employment.

William Cush
RE/MAX Keystone
836 N.Easton Rd.
Glenside,PA 19038
wjcush@yahoo.com
Cell: 215.285.2011
Direct: 215.825.7720
0 votes Thank Flag Link Wed Oct 3, 2012
yES, YOUN CAN BUY A 2ND HOME WHEN YOU ALREADY OWN ONE.
0 votes Thank Flag Link Wed Oct 3, 2012
You maybe be able to do this .You will be buying as an investment property .Them mortgafe parameters will be different then a owner-occupant.
Call to discuss further .
Don A.Sherman
Century 21 Advantage Gold
Cell267-716-8228
Email-realtor94@gmail.com
0 votes Thank Flag Link Wed Oct 3, 2012
Hello,
You can probably do this. Please call me at 215-327-8104 so we can discuss this further.
Kathy Hanigan
Broker
0 votes Thank Flag Link Wed Oct 3, 2012
Hello,
It is very possible to invest on a property for your soon to be college graduate doughter. There are many options that we can explore. It would be a great privilege to work with your and your doughter. Feel free to email me philadelphiaeli@gmail.com or call me at my cell 215-287-4299.
Sincerely,
Eli, Philadelphia Home Specialist
http://Www.teamdamis.com/eli
0 votes Thank Flag Link Wed Oct 3, 2012
I'd consult with your attorney and CPA on the following: how to take title (JTWROS or TIC and subsequent equity breakdown); gifting; mortgage or not; will daughter be lessee; deduction analysis. Good Hunting!
0 votes Thank Flag Link Wed Oct 3, 2012
It is absolutely possible. It does depends on a few factors though. Are you purchasing it with a mortgage? If so what is your debt to income ratio? Are you just gifting her the down payment and closing cost? If so what her credit, etc.? Are you paying cash? Contact me so we can discuss all of the scenarios that come into play.
0 votes Thank Flag Link Wed Oct 3, 2012
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