Beacon Lending Home Loans in Denver Colorado

Colorado Family Opportunity Mortgage Program For Elderly Parents And Children Update for 2019

A great mortgage program here in Colorado that has always been around for quite some time, is the Family Opportunity Mortgage program. Not many people inquire about it, however it can literally save you tens of thousands of dollars upon the purchase of a home, and even more in interest over the life of the loan.

Why?

  • There are no distance requirements between the elderly parent and the individuals (their child).
  • Adult child may already own their own home (primary residence)
  • Adult child will need to provide a letter of explanation outlining the intent to purchase a home for elderly parents who are financially limited.

Assisting a Disabled Adult Child

  • Disabled adult child must have insufficient income to qualify for a mortgage or be unable to work.
  • The parents qualify for the loan.   The parents can be on the mortgage although it is not required.
  • There are no distance requirements between the elderly parent and the individuals (their child)
  • Disabled adult child occupies the property as their primary residence.
  • Parents may all ready own their own primary residence.

Freddie Mac and Fannie Mae products are eligible for these long overdue programs. If you are interested in this program for a home located anywhere in Washington, please contact me.

Because you get to buy another home, and not have to classify it as a Second Home or Investment Property. You can actually classify the property as Owner Occupied, so in essence you have 2 properties that can be owner occupied. So instead of 20% down, you only need to put down 5%. A program way better then FHA, because with a 640 score, you can obtain a 95% loan with no mortgage insurance. There are some caveats, and they apply ONLY in 3 situations.

Assisting your College Bound Son or Daughter

  • Son or Daughter must be enrolled in college.
  • Property must be located close to the college student is enrolled in.
  • Property must be a reasonable distance from the parent's home
  • Property cannot be rented and the child must occupy the property for a period of one year
  • Parents cannot own another second/vacation home in the same location as the student's home
  • Parent's qualify for the loan, the child does not. If the child is old enough, they can be on the mortgage with the parents, however it's not qualified.

Assisting an Elderly Parent

  • Elderly parent must have insufficient income to qualify for a mortgage or be unable to work.
  • A simple 4506-t will be ran by us to verify through the IRS that elderly parent cannot qualify on their own.
  • The individuals (children) qualify for the loan. The parents can be on the mortgage although it is not required. We do not even need to do a loan application for them.
    • There are no distance requirements between the elderly parent and the individuals (their child).
    • Adult child may already own their own home (primary residence)
    • Adult child will need to provide a letter of explanation outlining the intent to purchase a home for elderly parents who are financially limited.

    Assisting a Disabled Adult Child

    • Disabled adult child must have insufficient income to qualify for a mortgage or be unable to work.
    • The parents qualify for the loan.   The parents can be on the mortgage although it is not required.
    • There are no distance requirements between the elderly parent and the individuals (their child)
    • Disabled adult child occupies the property as their primary residence.
    • Parents may all ready own their own primary residence.

    Freddie Mac and Fannie Mae products are eligible for these long overdue programs. If you are interested in this program for a home located anywhere in Colorado, please contact Brian Quigley at 720-524-3215 or email me at loans@brianquigley.com

About the Author

Brian Quigley
Brian Quigley
 NMLS# #244003

Brian Quigley has been in the Denver mortgage industry since 2003. Customer satisfaction has been his top priority while guiding clients through the home loan qualification process. He is proficient in all types of mortgage financing including FHA/VA, Conventional, USDA, Jumbo, Portfolio, 1031 Exchanges, Reverse Mortgages, Refinancing, Construction loans, and FHA 203K loans.

View Full Profile

Mortgage Industry News and Information

Asset Qualifier Loans

View >>

Eliminating Mortgage Insurance in the Colorado Real Estate Market

View >>

Reverse Mortgage- Home Equity Conversion Mortgage (HECM)

View >>
1 2 3 29

Join Our Weekly Newsletter

Stay up to date with the latest news from the mortgage industry in Colorado.
Stay Informed and Sign Up

Beacon Lending

NMLS# 2085418
brianq@beaconlending.com
(720) 524-3215
2301 Blake Street Suite #207
Denver, CO 80205

Our office is located in the northwest area of downtown Denver just 1 block North East of Coors Field on Blake Street. Our building sits on the Northwest Corner of Blake Street and Park Avenue West.

Hours

Monday: 8:00 AM – 6:00 PM
Tuesday: 8:00 AM – 6:00 PM
Wednesday: 8:00 AM – 6:00 PM
Thursday: 8:00 AM – 6:00 PM
Friday: 8:00 AM – 6:00 PM
Saturday: 8:00 AM – 6:00 PM
Sunday: 8:00 AM – 6:00 PM
closemap-markerbarscaret-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram