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Family Opportunity Mortgage

A mortgage option designed for unique family situations.

How Does the Family Opportunity Mortgage Work?

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.

 

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Family Opportunity Mortgage Benefits

  • You won’t incur the expense associated with purchasing an investment property
  • Low down payment requirements
  • With respect to elderly parents, the Family Opportunity Mortgage is a great option because it allows adult children to help with housing expenses
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Family Opportunity Mortgage Guidelines

  • The elderly parent or disabled child must be unable to work or not have sufficient income to qualify for a mortgage on their own
  • There’s no distance requirement on where the primary residence is located
  • The elderly parent or disabled child does not have to be on the mortgage or title unless they prefer to do so
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Sample Scenarios

  • Imagine your mother or father (or both) live in a different state, and you need to move them back to Hampton Roads. With the Family Opportunity Mortgage, your parents can live independently while the home, which you own, builds equity.
  • In another situation, a client purchased a home for his mother. At the time, the mom lived with the client but preferred to have a place to call her own. The Family Opportunity Mortgage allowed the mother to live alone but the child (the client) paid the mortgage.
  • Here’s one more real-life situation. In North Carolina, a client wanted to buy a home for his mother because the mom was living with a roommate until the roommate moved out. The cost of living became too great.
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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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Your local lending partner, our team strives to exceed your expectations before, during and after the mortgage process.

Gee came recommended from my real estate agent and I'm glad I reached out. Tidewater was able to provide a loan that was far and away the best available, nearly a full point lower than the best rate from one of the major national lenders at the time. Gee and her team were knowledgeable and professional every step of the way. I was also impressed at how prompt they were in communication. This made navigating a few interesting situations that arose during my purchase much easier.
If I find myself in the market for another loan in the area, I will absolutely be reaching out to Gee again.

Matt

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Reach out to our team of local mortgage loan officers and take the initial step towards homeownership. Our team is ready to assist you throughout the process, offering you the necessary information and guidance to help you make informed decisions for your unique needs. Don't delay any longer - contact our team today.


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