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Author: ed1007 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127815  
Subject: Second home for Relative? Date: 8/28/2014 3:25 PM
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Long story short it is likely that in the next 12 months a relative will need to be moved from several states away to live near me. The problem is that I will need to find them a place to live, and likely provide most of the funds for it. I have been thinking about renting an apartment for her but lately have been wondering if, as I will have to pay for it and the situation is likely to last for 10-20 more years, it might make better sense for me to purchase a small property for her to live.

I am trying to find out what lenders typically require with regards to down payment and interest rate so that I can do some quick calculations on expected costs and price range. But I can only find info for that for primary residences.

Also, will it matter to the lender that this is essentially a rental/investment not a vacation home?

Any help/advice is appreciated.
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