Parents can be her mortgage lender
Sunday, July 1st, 2007Q: Our 25-year-old daughter has just landed her first job in New York. Her pay is dismal, but she has about $80,000 for a down payment on a condominium or cooperative apartment in Brooklyn. My husband and I want to help her out, but we don’t think co-signing a mortgage is a good idea. Can we be her mortgage company and loan her the mortgage money at market rate? I fear she won’t qualify for a loan, as she earns only $32,000 annually.
Susan K.
Monterey




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