: Typically requires the home to be a certain distance from your primary residence (often 50+ miles) and may have higher rates than a primary mortgage.
How you hold the title determines what happens if someone passes away or if you decide to sell: Helping a family member buy a home - Merrill Lynch buying a house for a relative to live in
: You get the same favorable interest rates and low down payment requirements (as low as 5%) as a primary residence, even though you won’t live there. : Typically requires the home to be a
: This is a specialized conventional loan option that allows you to buy a home for an elderly parent or a disabled adult child who cannot qualify for a mortgage on their own. : Usually requires a higher down payment (often
: Usually requires a higher down payment (often 15–25%) and carries higher interest rates.
: If the relative doesn't meet the "disabled child" or "elderly parent" criteria, you can buy the home as a second residence or investment property.