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Family Opportunity Mortgage

June 13, 2016 — 2 min read

PRM offers the Family Opportunity Mortgage allowing clients to finance homes for elderly parents or disabled adult children. Traditionally, we consider these types of transactions investment properties with higher interest rates and closing costs.

But by utilizing the Family Opportunity Mortgage, family members can lend a helping hand, and benefit from attractive rates normally found in a traditional owner-occupied home (where the borrower resides in the home). PRM has the ability to finance the purchase of or refinance as an owner-occupied residence. This means low down payments, interest rates, and monthly payments.

Normally if the borrower chooses not to live in the home, they would need to have an investment property mortgage. An investment property mortgage can have higher rates and monthly payments. However, with the Family Opportunity Mortgage, the mortgage is still considered owner-occupied and thus has lower rates and monthly payments.

Your client can take advantage of this program. If a qualified family member is disabled, unable to work or has insufficient income to qualify for a mortgage, this is for them.

Possibilities Include:

  1. Adult children purchasing or refinancing a primary residence for dependent parent(s)
    • If the parent is unable to work or does not have sufficient income to qualify for a mortgage, the child is considered the owner/occupant.
  2. Parents or legal guardians wanting to provide housing for their physically handicapped or developmentally disabled adult child
    • If the child is unable to work or does not have sufficient income to qualify for a mortgage, the parent or legal guardian is considered the owner/occupant.

If you would like more information on the various mortgage products available to help your homebuyers purchase the home of their dreams, contact us today! We are always here to answer your questions.

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