Earlier this month, I closed a purchase mortgage using the Family Opportunity Program. I know I have written about this program in earlier newsletters, but I want to remind my readers about this powerful, little-known program.

Who is this program for?

My client’s mom was renting a condo. The owner decided to sell it, so she was going to have to move. Rather than rent again and run into the same problem, she wanted to buy her own home. However, she did not qualify for a mortgage. So, using the Family Opportunity Mortgage program, her son was able to buy the condo for her as an owner-occupied mortgage.

Why was this program helpful? If her son had bought it as a non-owner-occupied property, he would have had a half-percent higher interest rate and would have had to put down 20%. Instead, he got an owner-occupied rate and only put down 10%. Also, with this program, it was fine that the down payment came from his mom.

Family Opportunity Mortgage

The Family Opportunity Program allows a family member to buy a home for an aging parent or adult child as an owner-occupied mortgage under the following scenarios:

Parents buying a home for their adult children who are:

• Attending school
• Unable to work or financially unable to purchase on their own
• A disabled adult child who cannot qualify for financing on their own

Adult children buying a home for their aging parents who are:

• Unable to work or financially unable to purchase on their own
• Cannot qualify for financing on their own

The Family Opportunity Program can be a perfect solution for solving aging parents’ or adult children’s housing needs. Please contact me for more information.