Hi, this is Tom Heath with the Mortgage Guidance Group at Nova Home Loans, and this is our weekly installment of mortgage and real estate related matters. On this week’s episode, want to talk to you about a program that’s not new and sometimes gets lost in the shuffle. It’s something from Fannie Mae. It’s kind of buried in their guidelines, but it’s commonly referred to as the Family Opportunity Loan. It’s specifically designed when you have a child who is unable to work or a parent who is unable to work and qualify for a loan. You as a borrower, in those situations, could get a second primary residence as long as that individual was going to live in the property. It’s a little bit different than cosigning, where the occupying borrower has to qualify on the loan with their credit. They have to be on the application, and we use you as the cosigner’s income. That’s not what I’m referring to.
This is specifically an opportunity to help a child, and more often, a parent who is in a situation where their income is not sufficient to qualify. They’re not able to work, and you want to help them out. So I’m just going to live in that loan at home. We can do that loan as a primary residence for you, even if you have another primary residence. Commonly referred to as the Family Opportunity Loan. It’s a very specific and unique product with Fannie Mae.
If you have questions on it, reach out to us here at the Mortgage Guidance Group. You can email us, call us, or get us up on our contact page on our website, MGGroupTucson.com. Thanks so much. Have a great day. Bye.
