Parents Helping Their Children Purchase Their First Home

I have seen lately more and more parents helping their children purchase their first home. Some have children who had just graduated from college with an enormous amount of student loans to pay. Since new graduates from college cannot afford a down payment and with the mortgage companies requiring a two year work history, it’s tough to get their loan approved.

Currently, I’m working with a college student. His father is buying him a condo near the university he attends. Instead of renting an apartment, his father thought that his rent might as well go to the monthly mortgage payment.

Home prices and interest rates are at an all time low, so parents with resources these days invest in properties for their children for now, with the intent of possibly selling or renting out in the future.

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