Colorado Family Opportunity Mortgage Program For Elderly Parents And Children Update for 2019

A great mortgage program here in Colorado that has always been around for quite some time, is the Family Opportunity Mortgage program. Not many people inquire about it, however it can literally save you tens of thousands of dollars upon the purchase of a home, and even more in interest over the life of the loan.

Why?

• There are no distance requirements between the elderly parent and the individuals (their child).
• Adult child may already own their own home (primary residence)
• Adult child will need to provide a letter of explanation outlining the intent to purchase a home for elderly parents who are financially limited.

Assisting a Disabled Adult Child

• Disabled adult child must have insufficient income to qualify for a mortgage or be unable to work.
• The parents qualify for the loan.   The parents can be on the mortgage although it is not required.
• There are no distance requirements between the elderly parent and the individuals (their child)
• Disabled adult child occupies the property as their primary residence.
• Parents may all ready own their own primary residence.

Freddie Mac and Fannie Mae products are eligible for these long overdue programs. If you are interested in this program for a home located anywhere in Washington, please contact me.

Because you get to buy another home, and not have to classify it as a Second Home or Investment Property. You can actually classify the property as Owner Occupied, so in essence you have 2 properties that can be owner occupied. So instead of 20% down, you only need to put down 5%. A program way better then FHA, because with a 640 score, you can obtain a 95% loan with no mortgage insurance. There are some caveats, and they apply ONLY in 3 situations.

Assisting your College Bound Son or Daughter

• Son or Daughter must be enrolled in college.
• Property must be located close to the college student is enrolled in.
• Property must be a reasonable distance from the parent’s home
• Property cannot be rented and the child must occupy the property for a period of one year
• Parents cannot own another second/vacation home in the same location as the student’s home
• Parent’s qualify for the loan, the child does not. If the child is old enough, they can be on the mortgage with the parents, however it’s not qualified.

Assisting an Elderly Parent

• Elderly parent must have insufficient income to qualify for a mortgage or be unable to work.
• A simple 4506-t will be ran by us to verify through the IRS that elderly parent cannot qualify on their own.
• The individuals (children) qualify for the loan. The parents can be on the mortgage although it is not required. We do not even need to do a loan application for them.
• • There are no distance requirements between the elderly parent and the individuals (their child).
  • Adult child may already own their own home (primary residence)
  • Adult child will need to provide a letter of explanation outlining the intent to purchase a home for elderly parents who are financially limited.

  Assisting a Disabled Adult Child

  • Disabled adult child must have insufficient income to qualify for a mortgage or be unable to work.
  • The parents qualify for the loan.   The parents can be on the mortgage although it is not required.
  • There are no distance requirements between the elderly parent and the individuals (their child)
  • Disabled adult child occupies the property as their primary residence.
  • Parents may all ready own their own primary residence.

  Freddie Mac and Fannie Mae products are eligible for these long overdue programs. If you are interested in this program for a home located anywhere in Colorado, please contact Brian Quigley at 720-524-3215 or email me at loans@beaconlending.com