A loan for a second home, also called a vacation home, has lender rules in a conforming mortgage that it must be at least 50 miles from your primary home. But there’s an option to get around that: the Family Opportunity Mortgage authorized by Fannie Mae and Freddie Mac.
That’s a hefty amount on a home that you are not going to be residing in! If you were looking at a $200,000 home, that is $40,000 – $60,000! With Fannie Mae’s Family Opportunity Mortgage, you can call the home you are purchasing for your elderly parents owner occupied, which means as little as 5% down.
The elderly parent does not have to be on the mortgage or deed either. With Family Opportunity, you (the child) will need to write a letter explaining your parents financial situation. It sounds like the lender may not be using "Family Opportunity" and instead, is trying to approve your loan with you as "co-signers" for your parents.
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This example assumes a purchase transaction in Ohio, 60-day lock, 97 LTV, 680 FICO, single family, owner-occupied,375 points, hazard insurance, real estate taxes $94, and $0 homeowner’s dues. Rates can change daily. FHA Mortgage: FHA mortgages offer down payments as low as 3.5%, which can include the use of gift funds.
EDITORS note: mortgage programs change often. Family Opportunity Mortgage is sadly no longer available. who knows.maybe lenders will bring this back.
$0 Down Mortgage * special 100% financing home loan program offered to well-qualified applicants in Texas. No down payment required, however closing costs, escrows, and private mortgage insurance apply. minimum loan amounts between $175,000 and $484,350. Valid only for purchase of owner occupied, single family detached, primary residences.Home Loans For Bad Credit No Money Down 5 Mortgages That Require No Down Payment Or A Small One. – Check out five options for mortgages with little to no money down.. Comparison shop for home loans to find the best mortgage rate.. an FHA loan is the low- down-payment option for people with tainted credit histories.
Do you have a family member in need and want to help them buy a house?. With the Family Opportunity Mortgage, your can purchase another home without the conventional investment. online credit scores Vs. Lender Credit Scores.
Is the "Family Opportunity Mortgage" still available through Chase? thanks, Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
Colony American Homes Inc., a single-family rental company founded by Thomas Barrack Jr. according to the federal deposit insurance corp. government-backed lender Fannie Mae limits loans to 10.
“We think there will be some opportunities because the credit unions will pick. There’s no question Firm Capital would be considered a lender of last resort for a home buyer given the punitive fees.