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Old 10-15-2013, 11:16 AM
 
1,260 posts, read 1,643,188 times
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We are considering buying a condo for aging parents. Recently, I came across an article about Family Opportunity Mortgage. Interestingly, I can't find lenders that offer this program. Does anyone has any experience with it, and how do I go about finding lenders? We are in Colorado.
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Old 10-15-2013, 12:37 PM
 
Location: New York
2,251 posts, read 4,391,600 times
Reputation: 1610
.

The Family Opportunity Mortgage is a Fannie Mae/Freddie Mac program.

Home owners can finance another home for family members using a conventional mortgage, just as though they were purchasing a primary or 2nd home. Requirement that it be 50 miles or so from the borrower's home

Program Benefits
  • Available to Parents purchasing a home for college-bound students, and/or disabled adult children.
  • Available to Children purchasing a home for elderly parents.
  • Unlike a true 2nd home, this residence may be just a short distance from the borrower's primary residence.
  • Benefiting party may join the borrower on title, though this is not a requirement.
  • Single-Family Homes, Condominiums, Co-Ops, and PUDs are eligible.
  • This loan is eligible for buy down rates.
  • Transaction types for assisting elderly parents or a disabled child include Purchase and No-Cash-Out Refi.

Chase or Wells Fargo handle these types of loans.

Online found a CO broker -http://www.bouldercoloradoproperties.com/






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Old 11-24-2013, 02:14 PM
 
1,260 posts, read 1,643,188 times
Reputation: 1395
Quote:
Originally Posted by Modification Specialist View Post
.

The Family Opportunity Mortgage is a Fannie Mae/Freddie Mac program.

Home owners can finance another home for family members using a conventional mortgage, just as though they were purchasing a primary or 2nd home. Requirement that it be 50 miles or so from the borrower's home

Program Benefits
  • Available to Parents purchasing a home for college-bound students, and/or disabled adult children.
  • Available to Children purchasing a home for elderly parents.
  • Unlike a true 2nd home, this residence may be just a short distance from the borrower's primary residence.
  • Benefiting party may join the borrower on title, though this is not a requirement.
  • Single-Family Homes, Condominiums, Co-Ops, and PUDs are eligible.
  • This loan is eligible for buy down rates.
  • Transaction types for assisting elderly parents or a disabled child include Purchase and No-Cash-Out Refi.

Chase or Wells Fargo handle these types of loans.

Online found a CO broker -http://www.bouldercoloradoproperties.com/






Thank you very much - I contacted my local Chase brunch, and was told that they still provide this product. They wanted to get all the info for a pre-approval and pull my credit, but since the purchase will not occur for a while, I decided to hold on a little.
Can anyone tell me, as a rule of thumb for condo purchases - is 25% down payment required, or 20% will be sufficient, if purchase qualifies as second home, not investment? I'm pretty sure we will be pre-approved, but I can't come up with 25% down payment any time soon, and even 20% will be a stretch.
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Old 11-24-2013, 05:32 PM
 
Location: MID ATLANTIC
7,846 posts, read 19,168,390 times
Reputation: 8671
Quote:
Originally Posted by OhioToCO View Post
Thank you very much - I contacted my local Chase brunch, and was told that they still provide this product. They wanted to get all the info for a pre-approval and pull my credit, but since the purchase will not occur for a while, I decided to hold on a little.
Can anyone tell me, as a rule of thumb for condo purchases - is 25% down payment required, or 20% will be sufficient, if purchase qualifies as second home, not investment? I'm pretty sure we will be pre-approved, but I can't come up with 25% down payment any time soon, and even 20% will be a stretch.
Assisting a parent or disabled child is an owner occupied program, making all the LTV's available to an owner occupant - you don't need the "Family Opportunity" title to qualify. I suspect when no one was taking advantage of it, they gave it a catchy name to get the word out. So, what I am saying is you can do this with as little at 5% down.
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Old 12-05-2013, 09:32 PM
 
1 posts, read 9,314 times
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Are you able to purchase a HUD home with the family opportunity mortgage? I realize that the family opportunity mortgage views the property as being owner occupied but in reality it is the owners family member that occupies it. When completing the HUD paperwork they request the borrowers to state they will be living in the property for at least a year. Well since we are actually purchasing the property for my family member, technically we will not be living in it. Is this still acceptable by the terms of HUD?
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Old 12-06-2013, 12:55 PM
 
Location: MID ATLANTIC
7,846 posts, read 19,168,390 times
Reputation: 8671
Are your parents on the loan? If so, you are fine saying you are not and they will. HUD only requires one of the buyers on the loan to live there. If they are not on the contract, it's an easy fix. Contact your lender first since we do not know your full particulars.
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