Family Opportunity Mortgage

Check Eligibility

Answer a few quick questions and we’ll confirm your eligibility for the Family Opportunity Mortgage program.

What Is the Family Opportunity Mortgage?

This Fannie Mae guideline allows adult children to purchase a home for their elderly parent or disabled adult child—and still receive owner-occupied (primary residence) financing terms, even if the buyer won’t live there.

Normally, non-occupant purchases mean higher down payments, higher interest rates, and stricter qualification. This program lets you avoid that by treating the home like a primary residence if requirements are met.

Who Qualifies?

• Parent must be unable to work or lack sufficient income to qualify alone
• You must qualify for the mortgage based on your own income/credit
• Parent must intend to occupy the home as their primary residence
• Property can be anywhere—no distance rule
• Parent does not need to be on loan or title (unless desired)
• Lender will require documentation of parent’s financial need and occupancy letter

Benefits

• Lower interest rates than investment property financing
• Lower down payment (as little as 5%)
• No restriction on distance between homes
• No need for parent to be on the mortgage

Real-Life Scenario

Let’s say your parents live out of state, but their health is declining. You want to move them closer to you in Baton Rouge, so you buy them a one-story home nearby. Your mom receives Social Security but doesn’t qualify for a mortgage on her own. Under the Family Opportunity Mortgage, you can buy the home in your name and still qualify for primary residence terms—even though you won’t live there.

What You’ll Need

• Your own income and credit documentation
• Your parent’s tax returns or income documents to show inability to qualify
• A letter explaining your parent’s need and intent to occupy
• Property must be single-unit and suitable for full-time living