Your Parents Need To Move, But What If They Need Your Help?

Dated: February 8 2024

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Are your parents living in a home that is no longer a good fit for their situation, but they don’t qualify for a home loan? There may be a mortgage product just right for your plight. Generally, you’ll find that lenders offer the best rates for those homebuyers that will occupy the home as a primary residence. However, Fannie Mae, otherwise known as the Federal National Mortgage Association (FNMA), has guidelines for their Family Opportunity Mortgage that can allow you, as a family member, to get the same low rate without occupying the home.

From The Mortgage Reports January 1, 2024 post: 

 

“Those advantages are significant and include more flexible loan terms, lower down payment requirements, reduced closing costs, and lower interest rates.

Without the Family Opportunity Mortgage loan program, borrowers would have to purchase a home for their parents as a second home or investment property, which can cause added complications and expenses.”

Send me a text or email today if you’d like more detail from a recommended loan officer.

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Jeff Coleman

Jeff Coleman is a candid, detailed and caring communicator. Working with one of the top performing real estate offices in St. Louis he provides more buyers for your property and more sellers for you ....

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