Family Opportunity Mortgage
Small-Dollar Mortgages for single-family residential properties. which many first-time homebuyers and low- and middle-income families rely on to move from renting to homeownership.. Opportunity and Ownership.
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The Family Opportunity Mortgage is a Fannie mae/freddie mac program. Home owners can finance another home for family members using a conventional mortgage, just as though they were purchasing a primary or 2nd home. Requirement that it be 50 miles or so from the borrower’s home Program Benefits
Apparently it’s a method for adult children to purchase a home for their parents, who are subject to certain restrictions (can’t afford a mortgage themselves and aren’t working), but as a residential as opposed to a second home or an investment property.
If the child is unable to work or does not have sufficient income to qualify for a mortgage on his or her own, the parent or legal guardian is considered the owner/occupant. Children wanting to provide housing for parents
Basic Purpose of a Family Opportunity Mortgage The idea behind the Family Opportunity mortgage is to give qualified people a chance to buy a home for either their children that are in college or their elderly relatives without the requirement to live in the home themselves.
The family opportunity loan can also helps families purchase a home for adult children living with disabilities. There are many things to consider, so talk with an experienced mortgage banker who is knowledgeable in the program.
This is called the "Family Opportunity Mortgage." Family Opportunity Mortgage If your parent is a senior citizen, Fannie Mae’s "Family Opportunity Mortgage" allows a working child to finance his non-working parent’s home without added fees.
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