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Have you heard of the family opportunity mortgage? This is another mortgage option for you. It is a primary residence loan with minimum down for certain qualifying situations. This could keep you from having to do an investment loan which requires a 20% down payment and it’s usually at a higher interest rate. This is a mortgage for family members who need or want to help each other out. Here are some example situations where the family opportunity mortgage could be helpful – Parents who are purchasing or refinancing a primary residence for a disabled child who is unable to work or who has insufficient funds to qualify for a mortgage; an adult who needs to purchase or refinance a primary residence for an aging parent who is unable to work or doesn’t have enough income to qualify for a mortgage; a college child who is living in a one unit second home residence purchased by their parents. There are many ways to use this loan to help your family or a family member, but there are also some restrictions that apply. Check with your lender for more details about this program.

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  • Margaret

    Are there any mortgage insurance companies that are willing to back this? While the 20% isn’t required for the loan, I haven’t been able to find any companies that will insure this, which means that you still have to put the 20% down.

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