The Family Opportunity Program

---

Would you like to help your parents purchase a home that will allow them to be closer to their grandchildren?

Or, do you simply want to help your parents move to a better location?  

Are you a parent of a disabled child who wants to help their disabled child achieve a sense of independence by helping that child buy their own home?

Are your parents or disabled child trying to refinance an existing mortgage but are unable to qualify on their own? 

The Family Opportunity Program can help you get there without the higher costs and interest rates associated with 2nd homes and investment properties.  

In order to qualify for this program your parents or disabled child must need your assistance in order to be able to qualify for the mortgage.  Your parents or disabled child do not need to be completely dependent on your assistance to qualify.  You only need to show they need some assistance from you.  The Family Opportunity Program will then allow you to treat the home you are buying or refinancing for your parents or disabled child as your own primary residence even though it won't be.  You then get to take advantage of the lower down payment, closing costs and interest rates associated with primary residences.

                                                                            THE FAMILY OPPORTUNITY MORTGAGE REQUIREMENTS

• 620 minimum credit score.
• 45% maximum debt-to-income ratio.
• Steady employment and the ability to support your own debt and housing costs as well as those of the new mortgage.
• The parents or disabled child are unable to qualify for the mortgage loan on their own.

                                                                                                 ELIGIBLE PROPERTY TYPES

• 1 Unit Properties
• Single Family Residence
• Condominiums
• Townhouses
• Planned Unit Developments

The Family Opportunity Mortgage offers a number of benefits over traditional second-home and investment property mortgages.

• The down payment and interest rates are lower:  The financial terms for a Family Opportunity Mortgage are better than the second home or investment home mortgage options.  And you will likely avoid having to show you have enough savings ('reserves') to cover 3 - 12 months of mortgage payments.
• There are no occupancy requirements:  For example, if you were trying to call this a second home, you would be required you to occupy the house for some part of the year. There are no such requirements for the Family Opportunity Mortgage.
• There are no distance requirements:  Typically, lenders want a second home to be at least 50 miles away from the borrowers primary residence.  Not with the Family Opportunity Program.  If the home you are helping your parents or disabled child buy or refinance is on the same street as your primary residence, the mortgage is still priced and underwritten as a primary residence.