Yes, parents or family members can help you get a mortgage loan in the following ways—
- Co-applicant: They can serve as a co-applicant by applying for the loan with you. This way, you can get a boost in your loan eligibility using their income and credit history. However, in such a case, both parties are responsible for repayment.
- Down Payment Gift: Your family member can gift you a portion of or a complete down payment gift, reducing the loan amount and possibly your interest rate.
- Family Opportunity Mortgage: This loan option allows a parent or a family member to help by co-signing the loan or giving money for the home. This type of loan often comes with better conditions or interest rates.
