 Buying a Home
I don't know of a law saying who the Seller can or cannot be. When you talk with a mortgage lender they will want to know all of your sources of income. If the child is older than 16 the income may not be counted, since the lender may say there has to be at least 3 years of income to be used for qualifying purposes (at 18 or 19 the child will be an adult).
If you're buying from a relative, still I recommend you have a Realtor assist you in the decision. Relatives sometimes forget to tell you everything you need to know. This way you'll get assistance with the paperwork, and do the smart thing of having a home inspection, Residential Property Disclosure, water and sewer tests depending on location, and be advised of any known pertinent environmental concerns (like a new interstate or hog farm being considered. That particular house may not be the most suitable for your needs. If you absolutely insist on that house, the Realtor may charge a flat amount well under the general 2.5 percent.
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"If all my friends were to jump off a bridge, I wouldn't jump with them. I'd be at the bottom to catch them". | 
09-24-2006, 03:35 PM
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