The Family Opportunity Mortgage helps families who are buying or refinancing homes for 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.
Assisting an Elderly Parent
- Elderly parent must have insufficient income to qualify for a mortgage or be unable to work.
- The individuals (children) qualify for the loan. The parents can be on the mortgage although it is not required.
- There are no distance requirements between the elderly parent and the individuals (their child).
- Adult child may already own their own home (primary residence)
- Adult child will need to provide a letter of explanation outlining the intent to purchase a home for elderly parents who are financially limited.
Assisting a Disabled Adult Child
- Disabled adult child must have insufficient income to qualify for a mortgage or be unable to work.
- The parents qualify for the loan. The parents can be on the mortgage although it is not required.
- There are no distance requirements between the elderly parent and the individuals (their child)
- Disabled adult child occupies the property as their primary residence.
- Parents may already own their own primary residence.
NOTE: Buying a home for a Child in College (aka Kiddie Condo or College for Condo) is now treated as an investment property UNLESS the child can be on the deed and mortgage as well. This means the child needs to have credit scores for qualifying. Mortgage programs are available to help provide a home for your college bound student.
If you would like to apply for a Family Opportunity Mortgage for homes located anywhere in Washington state, please click here.
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