05/11/2026
Good morning.
The average 30 year fixed rates today are 6.42%.
If you have a college student or young adult interested in buying their first home but income could be a little low to qualify or they do not want to put down the minimum 15% for an investment property, we have a solution.
Your son or daughter would go on the loan as the owner occupant and the parents could be on the loan as non-occupying co-signers.
This allows the parents income to support the loan to qualify, but we would not factor the parents income into the income limit for the down pay payment assistance program. This would allow them to purchase a single family or up to a 4-unit home and price the loan as a primary residence for FHA or Conventional. And use down payment assistance to cover the down payment portion.
Work in a seller credit for closing costs and get into the home with very little out of pocket. A great way to purchase real estate with little out of pocket.
