I recently bought my primary home in the Seattle area and now want to buy a condo for my elderly mother so she can live nearby. She cannot qualify for a mortgage on her own, but I have read about the “Family Opportunity Mortgage,” which allows me to purchase a home for a parent while still qualifying for primary home interest rates. Has anyone here used this loan program in Seattle? If so, which lenders would you recommend for this program?
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Yes, if you want to purchase a property for your parent with main home interest rates, the Family Opportunity Mortgage is a fantastic choice. Large lenders like Fannie Mae provide this option; I’m not personally familiar with it in Seattle. To locate the greatest fit, I advise getting in touch with nearby lenders or mortgage brokers who deal with Fannie Mae loans. I wish you luck in your search!
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My Fairway lender is knowledgeable about these kinds of mortgages. Rob Berg, rob.berg@fairwaymc.com
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It’s simply an occupancy option in the conventional criteria that most loan officers are unaware of since, for some reason, they don’t read the published standards that outline exactly what can and cannot be done. It’s not a specific loan program.