Using my title as collateral for new loan

You could do a cash out refinance of your current condo and use that cash to buy the new condo or put money down on it. If the condo they are looking at is a Fannie Mae owned property you could put 10% down and have no PMI, no appraisal and buy it as an investment property for them and gain the right-offs. Hope this helps. Kyle. Bayview Home Loans WA

You could also do a cash out loan and help your parents by being a non-occupying co-borrower on an FHA loan. 3.5% down payment and they can buy any FHA approved condo...much larger selection that the Fannie Mae HomePath loan. BYW, parents can buy the HomePath as owner occupied with 3% down payment (10% is for investors), no mortgage insurance, no appraisal...and get 3.5% closing costs if they buy before Oct 31 (I think that is the cut off).You (and they) have options. Talk with a local mortgage professional! Best to you!