- Posted January 26, 2014 by
This iReport is part of an assignment:
- Don't Let Student Debt Stop You from Buying a Home, Maximize Your Purchasing Power
- Using Rental Income from a single family or condo to qualify for a home purchase
- Mortgage Creditor Protection A Dirty Secret of the Mortgage Industry Explained
- Mass Housing Home Loan for Condos Five Things You Need To Know
- Custodial Accounts Money For Your Children Not Your Home Purchase
Family Opportunity Home Loan Program for Parents of College Students
By end en of the video you will know a secret loan program colleges and landlord do not want you to know about.
College Room and Board is out of control expensive and the alternative of renting an apartment off campus is nearly as costly. As colleges look to expand the demand increases with the supply staying the same you end of paying more each year.
So tell me something I don't know?
Fannie Mae has a program that can help, it is called the Family Opportunity Home Loan program.
With a 20% down payment the parent can buy a single unit home with a conventional mortgage as a 2nd home even though your son or daughter will live their. From a qualifying stand point this program opens the door because 2nd homes have less stringent requirements for condo approval than investment property.
An example of this is city Brighton where many Boston College students reside. The owner occupancy of the majority of condos is less than 50% which would disqualify you from purchasing as an investment property. As a 2nd home owner occupancy is a non issue. The condo still has to get Fannie Mae approved.
This program is intended for your child to live their so your child has to live their for one year.
This program can also be used for kids that want to buy a home for their parents - Mom and Dad don't worry no nursing home for you.
If your child is disabled and out of college this program can be used.