How can I purchase a home with low down payment for my son who does not have good credit. I already own a home.

Not enough information... but generally speaking, your only real choice is to buy it as an investment property, which requires at least 20% down, or to pull money from somewhere else to pay cash (like equity in your home).

Depending on what you mean by Not Good Credit.. if his score is above 580, and he does not have any major delinquent credit, (foreclosure, BK, tax liens, judgments, etc..) then you could be a "non occupying co borrower", or basically a co-signer, and he would be able to purchase using FHA with 3.5% down.. if he does have these major delinquencies, then you would need to purchase the home in your name only as an investor, which would require 20%-25% down payment.. you should be able to add him to the deed after you close, but he would not be able to be on the loan.. .. 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

The first way would be to take out a mortgage on your home (since it is your primary residence the interest rate would be a bit better and you couldgo above 90% LTV. If you were going to buy it as second home and let your son live in it, the rates would probably be a little higher, and the down payment would beclose to about 20-25%.

first things first, what state are you or your son in? and sometimes there are programs for as low as 560 fico score my email is yourloanpartnerforlife@live.com linda

We would need more info, but if he has a job and at least a 580 score you can buy him a home as a non occupying co borrower with as little as 3.5% down. If he needs help working on his credit we can do that as well to get him to the 580 score. If not you can always buy it as an investment property with as little as 15% down.Again we would need more info.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

Thought of something else. Before you proceed too far, you should talk to your tax accountant to make sure you don't do something that willcause negative tax consequences.

You may need to put 20% to 25% down, and treat it as a rental property. You could then sell it to him on contract, so he would show as an owner, so he could refinance into his own name when his credit and income allow it. That also allows him to deduct the interest and tax payments on IRS form1040, Schedule A.

Begin with repairing and rebuilding his credit. Figure out the costs in dollars and time. Beware of credit repair scams. Start moving forward from there... You can only help with purchasing power/income, not credit profile/scores.

Since you will not be living in the home, you will have to purchase it as an investment property. Investment properties require a 20-25 percent down payment. If that down payment amount is too high, your son will have to work on rebuilding his credit so he can make a purchase.

You probably can't. If you are not going to be living in it, then your only options are an investment property loan (25% down payment), or you could act as the non-occupant co-borrower for your son on an FHA loan (3.5% down payment). The problem is, your son (the occupant) is going to have to have credit that is good enough to be eligible for and FHA loan. To know for sure, work with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. But more importantly, we have access to loan products of MANY lenders, including those that are willing to look at borrowers with less than stellar credit, and not just those of ONE bank. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950