WebAug 17, 2012 · Buying a property as a second home is one popular way of getting a residence for an aging family member. Second-home mortgages for parents can be tricky since the bank will likely impose certain limitations on the deal. As an example, loans secured by Fannie Mae or Freddie Mac can require borrowers to live more than 50 miles … WebAug 14, 2012 · Here are some of the requirements for the Family Opportunity Mortgage when an adult child is refinancing (or buying) a primary residence for an elderly parent: Elderly parents must be unable to work or have insufficient income to qualify for the mortgage; The parent must occupy the property as their primary residence; The adult …
Family Opportunity Mortgage Guide Beacon Lending
WebOct 8, 2024 · Now there is a way to give back to your elderly parents that is also an investment opportunity for you. Resource Financial Services is proud to offer Fannie Mae’s Family Opportunity Loan, which allows you to purchase a property for your parents if they cannot qualify on their own credit.If you are interested in purchasing a home in one … WebApr 14, 2024 · 20 Sunflower Dr , Newnan, GA 30263 is a single-family home listed for-sale at $699,990. The 4,301 sq. ft. home is a 5 bed, 5.0 bath property. View more property details, sales history and Zestimate data on Zillow. MLS # 10112554 dr jed kaminetsky
What is a First-Time Home Buyer? SoFi Mortgage
WebDec 19, 2024 · Both Fannie Mae and Freddie Mac use identical definitions for owner-occupied homes. They consider one-to-four family houses that are occupied by the borrower as their primary residence as an owner ... WebOct 10, 2014 · Or the parents may need a retirement dwelling but can’t afford to make the move on a fixed income. Basically, you have three options: 1. Buy a home for them … WebApr 5, 2024 · Generally, rental income from the borrower’s principal residence (a one-unit principal residence or the unit the borrower occupies in a two- to four-unit property) or a second home cannot be used to qualify the borrower. However, Fannie Mae does allow certain exceptions to this policy for boarder income and properties with accessory units. dr. jed lane morris