The "Family Opportunity Mortgage" is only available for Fannie Mae financed loans. If you have enough cash to make a 25 percent down payment, it might be advantageous to finance the house as a rental property. A broader variety of mortgage programs may be available.
The Family Opportunity Loan can also helps families purchase a home for adult children living with disabilities. There are many things to consider, so talk with an experienced mortgage banker who is knowledgeable in the program.
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They consider one-to-four family houses that are occupied by the borrower as their. Borrowers for Fannie Mae or Freddie Mac mortgage loans must sign and .
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However, with a Family Opportunity Mortgage, you would only have to bring $30,000. This is clearly a more reasonable and attainable amount for the majority of borrowers. With the Family Opportunity Mortgage, you can purchase a comfortable home with a smaller down payment.
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Talk to a knowledgeable professional about the Family Opportunity Mortgage. For instance, because the purchase is considered owner occupied, the buyer can put as little as 5% down on the home by obtaining a mortgage insurance policy. This reduced down payment requirement can lower the initial cost required by at least $30,000 on a $200,000 home.