Hey everyone… my elderly parents have been renting houses for decades. They can’t move again since they’re in their 80s. Their current rental is offering to sell them their home, and I’m looking for resources or suggestions to help them qualify for financing with 3% down. My family and my sister’s family are willing to help with our income, but we’re not sure where to start. The house is priced at about $575,000 in Northern CA. TIA!
There aren’t special loans for seniors that I’ve heard of. But anyone can buy with 3.5% down. Just talk to a lender and see what they’d approve.
Good to know! Are there any specific lenders you’d recommend?
Journey said:
Good to know! Are there any specific lenders you’d recommend?
I’d suggest local banks or credit unions. They usually have better rates.
Talk to a good broker. If you need a recommendation, just ask me!
For those thinking this is gonna be tough due to age, it’s not really. As long as the down payment and credit score are good, the bank will make the loan.
Chen said:
For those thinking this is gonna be tough due to age, it’s not really. As long as the down payment and credit score are good, the bank will make the loan.
What if one of them passes away? Does that complicate things?
@Noor
Not really. It’s a numbers game. The heirs can take over the mortgage or sell the house if needed.
Maybe you and your sister could buy the home as an investment? They could keep living there.
Thanks for the suggestions! That might be plan B for us.