Family Opportunity Mortgage

Dated: June 15 2022

Views: 122

                  Family Opportunity Mortgages

Baby boomers have reached retirement age. This generation is healthier

and more active than their predecessors and many want to age in a home

of their own. Many of these potential home buyers have fixed incomes and

with soaring home prices, they are unable to qualify for a new home when

they are ready to downsize. This is where a Family Opportunity Mortgage

can help.

A Family Opportunity Mortgage is backed by Fannie Mae and allows you to

purchase a home for your elderly parents if they cannot qualify on their

own, at the same favorable down payment and interest rates as a primary

residence. This is a significant advantage over loan programs for second

home or investment properties.

The terms of the loan program are simple. The borrower needs a 620+

FICO score, steady employment, and enough income to qualify for both

their current housing and the new loan. Total debt-to-income ratios cannot

exceed 45% and that must include all the new costs. Finally, the parents

must demonstrate that they do not have the income to qualify for the loan

on their own. It’s important to understand that bad credit is not sufficient to

use this loan program, it must be a lack of income that disqualifies them.

This program can also be used to help an adult child with disabilities.

As more people choose to live independently in retirement, the need for

housing will continue. By taking advantage of a Family Opportunity

Mortgage, qualified borrowers can purchase a home for their parents at

very favorable owner-occupied rates and terms. Make sure to talk to a

licensed mortgage lender to learn more.

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PETER & VICKY ROYSTER

With over 20 years of experience, the Royster Real Estate Group was created to show that there is a difference in WHO you choose as your Realtor.  Our brand “Moving Forward” is exactl....

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Family Opportunity Mortgage

                  Family Opportunity MortgagesBaby boomers have reached retirement age. This generation is healthierand more active than their

Read More