Buying a second home mortgage questions?

My father is interested in buying a home me and "let" me. His house is paid, he has no mortgage yet. Had he put down 20%? If yes, Is there a way around this problem?

You do not put 20% down, you just put 20% down to avoid paying insurance private mortgage. His own another home (free and clear) does not relieve obligation of payment or private mortgage insurance requirement. It could (and I say should not be just) take a HELOC (line of credit mortgage) on the original house, and use it to file the second house, then take a conventional mortgage on another house. I agree with any of the other answers about … It is difficult mix family and business. What is it if you want to move or relocate to another area? Did your father now sell the house? Did he really want to be a landlord? If the oven is not in that second home Daddy will you expect to pay? It's a difficult situation! Good luck!

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