The Family Opportunity Mortgage Refinance

August 14, 2012 by 13 Comments

EDITORS NOTE: Mortgage programs change often. Family Opportunity Mortgage is sadly no longer available… who knows…maybe lenders will bring this back and I’ll be having to update this post again! There are new underwriting guidelines that may work for your situation. If you are interested in this product for a home located in Washington state, please contact me and we’ll see if it’s available or if another mortgage program will work for your scenario.

I’ve written about the Family Opportunity Mortgage for purchases where certain circumstances allow one to obtain a mortgage for a family member who is either a student in college, a disabled adult child or an elderly parent. The Family Opportunity Mortgages allows financing to be treated as a primary residence instead of an investment property as long as the scenario meets certain guidelines.  The Family Opportunity Mortgage is a Fannie Mae/Freddie Mac program that is also available for refi’s! [Read more…]

Filed Under: Family Opportunity Mortgage, Refinance Tagged With: ,

Financing a “Kiddie Condo” for your College Student

June 2, 2011 by 1 Comment

2015-05-21_0706EDITORS NOTE: Mortgage programs change often. Family Opportunity Mortgage is sadly no longer available… who knows…maybe lenders will bring this back and I’ll be having to update this post again! There are updated underwriting guidelines that may work for your situation. If you are interested in this product for a home located in Washington state, please contact me and we’ll see if it’s available or if another mortgage program will work for your scenario. 

I will be writing a new post soon on more options for buying a kiddie condo… stay informed by subscribing to my blog in the upper right corner.

A few weeks ago, I helped a Kent couple purchase a condominium located in Seattle for their daughter to live in while she attends college at Seattle University. They were prequalifed with their credit union, however the credit union was treating the transaction as if it were an investment property even though the couple (we’ll call them Mr. and Mrs. Kent) were not going to rent the property.

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Filed Under: Condos, Family Opportunity Mortgage, Fannie, Freddie and FHFA, Financial Planning, Interest Rates, Investment Property Tagged With: , ,

Family Opportunity Mortgage…now at Mortgage Master Service Corporation

September 12, 2007 by 10 Comments

EDITORS NOTE: Mortgage programs change often. Family Opportunity Mortgage is sadly no longer available… who knows…maybe lenders will bring this back and I’ll be having to update this post again! There are updated guidelines that may work for your situation. If you are interested in this product for a home located in Washington state, please contact me and we’ll see if it’s available or if another mortgage program will work for your scenario.

The Family Opportunity Mortgage helps families who are buying or refinancing homes for college students, elderly parents and disabled adult children.   Without this program, these transactions would often have to be considered as “investment properties” with higher interest rates and closing costs.   Now, it can be treated as a vacation or second-home mortgage.

[Read more…]

Filed Under: Family Opportunity Mortgage, Investment Property, Mortgage Tagged With: , ,