If you are a parent of an adult child who has a disability that makes it difficult for him or her to earn the money that he or she needs to buy a home. However, your child might be independent enough to be able to live on his or her own. The problem with trying to buy a house for your disabled child is that interest rates are going to be significantly higher for you if you are not going to live in the home. Owner-occupied homes have lower interest rates and better deals in general, which could make buying a home for your disabled adult child more difficult. Here are some tips for making sure that you are able to get the home your child needs as easily as possible.
1. Find a Lender That Will Consider Your Situation
Certain lenders that specialize in mortgages will be able to look at your situation and make allowances with regards to your interest rates. Some lenders will consider the fact that the house is specifically for your disabled child and that provisions will be made for all of the tasks of house upkeep that your child might not be able to do. They will then essentially equate the house as owner-occupied, allowing you to get the best rates possible. Go onto forums with other parents of adult children and get recommendations or call up the lenders in your area and ask how they would consider your situation.
2. Get the Proof You Need
In order to get the house for your disabled child considered owner-occupied, you will need to prove that your child has a permanent disability. If you don't have this documentation already, you should be able to go to your child's primary physician and get a certified letter. You will also need to get pay stubs from your child's place of unemployment that will show, beyond a doubt, that the child could not afford this house on his or her own. If your child does not work, then you will need to show disability payments or whatever other forms of income your child gathers.
3. Consider Your Debt-to-Income Ratio
The loan that you take on for the house will be added to your debt-to-income ratio. You will need to make sure that this stays within a reasonable limit in order to show your lender that you are not at risk of defaulting.
For more information, talk to a company that specializes in homes for sale.