This mortgage option can help people in various circumstances. For instance, the program is relevant when you seek mortgage financing for a disabled adult child or elderly parent The best part about the program is you won't incur the expense associated with purchasing an investment property.
Bear in mind that, even though you may buy the home for a parent, your parent(s) will need to show documentation to prove they cannot qualify for the mortgage on their own. Those documents include tax returns, social security awards letter, and/or proof of retirement income.
If you plan to buy a home for a relative, it’s critical to know your options. The Family Opportunity Mortgage is a great option when you have unique living circumstances. Be sure to ask your licensed lender when the time comes.
Shikma Rubin, NMLS ID #1114873, is a licensed loan officer with Tidewater Home Funding, LLC. in Chesapeake. She enjoys the chance to lead workshops and webinars on how to buy a home. Have mortgage questions? You can contact her at srubin@tidewaterhomefunding.com or 757-490-4726.
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