Posted by James (FL) on July 02, 2003 at 20:50:11:
If it will actually be a second home, and you can qualify, you should get your own mortgage. Many times, with blood relatives, you can get a gift of equity, and actually only financing 80% or less of the appraised value instead of financing 95 or 100% of the purchase price. The rates should be pretty good even on a second home at 80%. If he’s been there 10 years, ,I’m assuming he has at least 20% equity in the home. You should be able to get somehitng in the 6% range at worst. Email me directly if you need any help and I will give you my officee number.