Buy a Home for Your Elderly Parent(s) or an Adult Child With a Disability
About Family Opportunity Mortgages
This program allows you to buy a home for your elderly parent(s) or your adult child with a handicap or disability at owner-occupied rates and guidelines rather then meeting the demands of investing in a secondary home or investment property. This allows you to place your loved one(s) in a secure home that you own, at a lower cost and with less stringent requirements.
Family Oppurtunity
Purchase Price $350,000, Loan Amount $332,500, Interest Rate 7.463% (APR 7.897%), Monthly Principal & Interest Payment of $2,316.47 and monthly mortgage insurance of $80.35. Taxes, Insurance, HOA Dues are not included in the payment listed, so total payment will be higher. Interest rate and payment are based upon a 30-Year Fixed Rate, Credit Score 740 or above, Primary Residence, Detached Single Family property, Purchase Transaction. No Prepayment Penalty. Interest Rate effective 11/15/2023. Terms and Conditions apply. Not all borrowers will qualify. This is not an offer to lend. Subject to formal underwriting, credit, acceptable income, assets, and property appraisal. Income limitations may apply to some loan products. Guidelines, rates, and fees are subject to change without notice. Equal Housing Lender.
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$500,000 for $2,239.88/month – disclosure current as of 4/26/2022
• The advertised loan is a 30-year fixed rate full amortizing loan, assuming a $332,500 loan amount and a 7.463% interest rate.
• This loan has 360 monthly principal and interest payments of $2,316.47 and monthly mortgage insurance of $80.35.
• The Annual Percentage Rate (APR) is 7.897%.
Disclosure Assumptions
• Interest rate quoted assumes a FICO score of 740 with a loan-to-value ratio of 95% on a primary residence.
• The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property and other factors.
• Rates are subject to change daily without notice.
• Payment amounts shown do not include taxes, insurance or HOA.
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Qualification
An important qualification for the Family Opportunity Program is that the elderly parent(s) or child with a handicap or disability must not be able to afford the home on their own, meaning they must be unable to work, or have insufficient income to qualify. They may receive assistance income, or even work, it just can’t be enough to qualify for a home on their own.
One topic worth mentioning is if they have sufficient income, but poor credit, they will not qualify for this program and you would need to move forward with a secondary home or investment property program.
Next Steps
We’re here to make this home buying process as easy and stress free as possible. We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you and your family.
Apply with us today, and let us go to work for you.
