Short backstory: My father developed Parkinson's after having a near death experience. He now no longer can work, and my mom is not working to take care of him. Right now their only "income" is unemployment, and they're struggling to get him disability.
The issue: My parents want to buy a cheap house, because the mortgage would be much more affordable than any rent in this area. The problem is that they can't get any financing with neither of them working. Thus they came to me to purchase a house in my name. I've never purchased a home before, and there are "first time home buyer" benefits in my state, such as the state matching up to $10k of the downpayment costs, waiving certain fees, etc.
However, I have a lot of personal debt (student loans, medical bills due to pre-existing condition, monthly bills, vet bills, etc.), and have even assumed some of their debt to help them out. I'm doing the best I can, but it's not the greatest financial situation. I want to help them and ensure they're taken care of, but I'm worried that buying a house in my name that I'm not living in could negatively impact me financially. Either due to taxes, or potentially hurting my credit and jeopardizing my chances of getting a home for myself, someday.
Are these legitimate concerns, or am I just being paranoid? I want to help my parents the best I can, but I don't want to be ruining my financial future in the process.
Submitted February 09, 2017 at 12:45PM by CowboySparkles http://ift.tt/2k7Mq0s
