While discussing my new site with a co-worker, we conceived of an interesting angle on the 0 down home loans phenomenon. One way to avoid closing costs and down payments is to keep real estate in the family. I know in many ways this idea will almost seem like it shouldn’t count, but to be honest, I think it is something more families should consider and deliberate when they plan for the long term.
As parents are living longer and budgets are tightening, or health care concerns are rising the idea of keeping your parents on the same property is becoming more of a reality for many families. There are many benefits to this both in terms of care and financially. In some cases you may be able to all live in an existing home that is owned by a family member, but in some cases it may require finding a new home that will better fit the needs of everyone who will be living in the household.
Keeping the family together with real estate helps you achieve almost the equivalent of no doc mortgage loans, no money down home mortgages and shared ownership mortgages (or shared ownership properties) all without the usual bureaucratic wrangling.
There are many more benefits to multi-generational homes, but instead of expanding on it myself, I thought you might enjoy this good Coldwell Banker video I found on YouTube discussing the matter. I’ve written some pretty long articles on this site already so I thought I might give your reading eyes a rest.
I hope that helps you open your eyes to the possible advantages of keeping it in the family, so to speak. Thank you for visiting 0 Down Home Loans.