Expert: Hans Weber, Licensed Broker Associate - 10/3/2004

Question
I WANT TO HELP MY DAUGHTER  BUY A DUPLEX AND PAY THE MORTGAGE PAYMENTS MYSELF.
It would be her first home and I would use the other half when in need of her assistance.

Could property carry both of our names?

Would she be able to secure a FHA loan.?

We would both  contribute  to pay the down payment, 15% of total cost.

I am hoping to reduce my taxes by the interest payments that I would make on the loan as well as help her secure her own residence,

When then I am unable to keep up my home, the sale of my property would pay off the loan and I would take legal steps so that my two daughters will share equally in this venture at my demise.

Thank you for any help   Rose Lissi  

Answer
Hi Rose,

Thank you for the questions.  You have a very nice goal to aim for.

This is a bit more of a legal question for an attorney, but let me try to start you in the right direction.

Yes, upi can both be on the deed as owners.  You may want to speak to your attorney about the best form of co-ownership for tax and estate purposes.

Regarding FHA mortgages please go to WWW.governmentguide.com
for complete details.


Will you rent out the other half of the duplex?  You can offset the rent by the mortgage interest and taxes.

This is a good thing for you to do and I am happy for you and your daughter.

Good luck,

Hans