Real Estate News with Terri Taydus, GRI, CNA

FAMILY OPPORTUNITY MORTGAGES!

January 28th, 2012 2:05 PM by Taydus Taydus

Did you know that FNMA (Fannie Mae) makes it possible for borrowers to help family members buy a home?

Family Opportunity is a special program offered by FNMA that allows for the following purchases:

  • Allows parents to purchase a home for their children as long as they are full time college students
  • Allows parents to buy a home for their disabled child
  • Allows borrowers to purchase a home for their elderly parents

The advantage to this program is that these qualify as owner occupied transactions so you get the lower rates and benefits of owner occupied loans, even though the intended occupant probably cannot qualify for financing on their own.

The other benefit of this program is that there are no restrictions on the proximity of the new home from your existing primary residence.  In the case of the college student, the program allows qualified parents residing in or near Boulder to buy a home for their child attending CU Boulder without the distance restrictions that often accompanies the purchase of a second home.

In the case of the elderly parent or handicapped child, you can buy a home in close proximity to your primary residence so that your child or parents can live close to you without you having to purchase the property as an investment property thus requiring a larger down payment and the corresponding higher rate, along with more stringent qualifying guidelines.

Please be aware that even though this is a national program offered by FNMA, most lenders have overlays that disqualify this type of loan, therefore they do not offer the program.  Joe Taydus at Bank of Commerce Mortgage is educated about this program and can do the Family Opportunity financing for you.

Joe has done several of these loans, primarily for the parents of children attending CU Boulder.  If you would like to speak with Joe and see if you qualify for a Family Opportunity loan, I have included his contact information below:

Joe Taydus - Bank of Commerce Mortgage - (303) 514-1151 or joe4money@comcast.net

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Posted by Taydus Taydus on January 28th, 2012 2:05 PM

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