Did You Know...
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.
These two specific borrowers will be allowed to finance a residence for the defined family members using a conventional mortgage, just as though they were purchasing a primary or 2nd home.
Program Benefits
- Available to Parents purchasing a home for college-bound students, and/or disabled adult children.
- Available to Children purchasing a home for elderly parents.
- Unlike a true 2nd home, this residence may be just a short distance from the borrower's primary residence.
- Benefiting party may join the borrower on title, though this is not a requirement.
- Single-Family Homes, Condominiums, Co-Ops, and PUDs are eligible.
- This loan is eligible for buydown rates.
- Transaction types for assisting elderly parents or a disabled child include Purchase and No-Cash-Out Refi. Available transaction type for College Bound Students is purchase only.
- There are some reasonable restrictions. If you would like additional details please give me a call and we can discuss your individual scenario.
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Below, I've listed a few other mortgage products and advantages that may not be available through other lenders. Any questions just call or e-mail, I'm available to you 7 days a week.
- Less Than 90-Day Flips
- Extended Locks
- 203K Rehab Loans
- FHMA HomePath
- FHA Low Credit Score
- USDA Rural Home Loan
- 3% Down Conventional
- Foreign Nationals
- VA 0% Down
- 30-Day Guarantee
- Investors are allowed up to 10 financed properties
- We participate in neighborhood stabilization programs
Good evening, my name is Carlos Gonzalez; I live in Houston, TX; My neighbor's had trouble selling his home; we're trying to purchase it for our grandparents; does this loan exist and which banks are offering it?
ReplyDeleteCarlos, in reply to your blog comment, yes! The Family Opportunity Mortgage certainly does exist. I just helped a wonderful family here in Arizona close on one last month. I can't assist you and your grandparents personally in Houston but I know who can. Jim Weir is the manager in the Houston Branch of imortgage. Contact information is below. Good Luck!!
ReplyDeleteimortgage
Houston Branch
Office : 713 395 6900
3040 Post Oak Blvd.
Suite 100
Houston, TX 77056
Feel free to contact me if you have any questions.
Hi,
DeleteDo you know of anyone in Albuquerque, NM who can handle this type of mortgage?
Thank you.
Unfortunately imortgage does not yet have a branch in New Mexico. I honestly couldn't say whether or not other mortgage companies are currently offering this option. I'm sorry I couldn't be more helpful to you.
DeleteI am in Jupiter, Florida and getting ready to purchase a home for my mother. Do you have anyone in Jupiter (north of West Palm Beach) that I could call?
ReplyDeleteUnfortunately imortgage does not have branches in Florida yet, and there is no one I am familiar with there. I have noticed however, that the Family Opportunity Mortgage does exist in Florida. If you can find the right Loan Officer I would highly recommend that you consider this type of loan.
DeleteHello Tom, do you know of anyone in Orange County, CA for this type of loan?
ReplyDeleteThanks
Actually I do. There is a fantastic Loan Officer in the Cerritos Office of imortgage. I know him on both a business and personal level. He's very knowledgeable and a straight shooter. I can publish his name here for you, or if you'd like to email me at tom.fallos@imortgage.com with your contact information I can have him get hold of you.
DeleteRegards,
Tom
Hi Tom,
ReplyDeleteDo you know anyone in the SF bay area that does this type of loan? Thanks!
Absolutely. If you'd like to give me a quick call (480-621-3223) I'll have all their contact information ready for you. Or you may email if you'd like: tom.fallos@imortgage.com I'd also be happy to answer any questions you may have.
DeleteHi Tom,
ReplyDeleteDoes Kentucky carry the family opportunity mortgage and do you know any lenders that do?
Thank you,
Peggy DeHart
I'd love to be able to tell you that it's available in Kentucky Peggy, but I honestly do not know. imortgage doesn't have a branch in Kentucky and I'm not aware of other company's available programs.
DeleteMy son is disabled (on SSDI) and has horrible credit. Can we purchase a home for him with the home opportunity mortgage without his bad credit impacting the mortgage rate?
ReplyDeleteIt sounds as though your son's circumstances might fit the Family Opportunity program. If you'd like to contact me directly we can discuss the details further. My name is Tom Fallos, 480-621-3223.
DeleteHello, Tom. My name is Jen and I rent a home in Tucson, AZ. My parents, ages 52 & 56, rent a home just up the street from me. My Dad has had physically ill for 9 months. His doctor asked him to go on FMLA and not to return to work until they can diagnose him. 9 months later, still undiagnosed and still ill, he has long since run out of FMLA, his job and all of his money.
ReplyDeleteJust recently, their landlord informed my parents that he is selling the house. He is quite elderly and has his own medical concerns and decided now is the time to sell.
Due to their crazy low income, my parents can't afford to rent elsewhere, and their current income is not enough to qualify for a loan to buy a house. The only income is coming from my mom, who has her own small business selling tshirts online. She generally makes an average of $600 per month. Yes, my parents have been living off of $600 per month for months. They have been selling everything they own to make up the difference for their bills but they are nearly out of stuff.
I give them everything I can, but I also have a low-income family of 4, so I can't give them the kind of help they need. My two sisters, who live in Texas are somewhat well-off and want very badly to help. Is there a way that my two sisters and myself could each contribute in buying my parents a house? We would all three be thrilled to split their mortgage three ways if there was such a way to do so. I love my parents so much and their situation is breaking my heart. Is there anything you might suggest? My sisters would be willing to come out here and meet with you personally if you needed credit applications from them, they both have great credit and incomes. Can this kind of thing be done, spread across three daughters?
Tom, your blog has given me hope - any suggestions you have to offer I would be beyond grateful. We all would. Thank you for taking the time to help all these people and to read our story, too.
Jenn, you did not provide contact information so I'm answering here. It is possible that I have a program to suit your needs. Feel free to give me a call to discuss your options. 480-388-8837.
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