Family Opportunity Mortgage and Renting to Parents. – reddit – Family Opportunity Mortgage and Renting to Parents receiving ssi disability income.. qualify for a 2nd primary residence under the "Family Opportunity Mortgage" exception and be able to go with a 5-10% down payment of home purchase price and have them live there.
With the Family Opportunity Mortgage, your can purchase another home without the conventional investment. online credit scores Vs. lender credit Scores. Is the "Family Opportunity Mortgage" still available through Chase? thanks, Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information.
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There is a little-known mortgage option available called the family opportunity mortgage. The premise here is that parents of college bound or disabled adult children, and adult children of elderly parents, should have the option of assisting their family members in purchasing a home without the added expense of financing the property as an investment.
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The elderly parent does not have to be on the mortgage or deed either. With Family Opportunity, you (the child) will need to write a letter explaining your parents financial situation. It sounds like the lender may not be using "Family Opportunity" and instead, is trying to approve your loan with you as "co-signers" for your parents.
Hanover employs a complete suite of consumer and commercial banking products and services, including multi-family and commercial mortgages. Corporation and is an Equal Housing/Equal Opportunity.
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