Can my parents purchase a home on their street and I live in it and make the mortgage payments?

Nope.. it's these types of loans that put people in jail.. they can purchase this home as an investment, and they can rent it to whomever they want, related or not.. so long as they have 20+% down, but they could not purchase this as a 2nd home since it's right up the street from them.. the lender would want a letter of explanation, and good luck with that one.. 2nd homes are vacation homes or Pied-a-tires, which are small inner city apartments for folks who work in the city but live in the country.. What your proposing is a "straw purchase" and it's illegal for you to do it, for your parents to do it, and for any loan officer to do it.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Hi Lacy, unfortunately your parents would have to purchase the property as investment property with the 20% down payment. The only way around this is if the home happens to be a Fannie Mae REO. Please give me a call at 707-363-3689, if you'd like to find out if the property is Fannie Mae. Karen Mansfield, Mission Hills Mortgage

No. It would have to be done as an investment property.

If you reo home , happens to be a fannie mae, there is a great program for a investment loan.. email me at yourloanpartnerforlife@live.com I have done these loans since the beginning of the fannie investment. linda 602-330-1598 and yes ,I cana do loans in california..

I DONT SEE WHY YOUR Parents could not buy the house. We had 5 houses on the same block, and my folks bought 2 more... on the adjacent block. I am not certain of California law but my current neighbor has 6 houses within a 4 block radius. My former neighbor had 2 side by side and the neighbor next to him had 3. We still own all 7 houses and I just bought 2 more within 100 feet.