By Martin Cross, May 21, 2021
I learn something new every day… Well, almost every day, and certainly every month. Last month, I learned about what is often referred to as a Family Opportunity Mortgage. Turns out, Fannie Mae allows a person to qualify to buy a home as if it’s an “owner occupied residence”, even though they are buying the home for elderly parents, or in some cases children to live in.
According to Fannie, an offspring may provide housing for an elderly parent if the parent does not have sufficient income to qualify for a mortgage on his or her own. And, the parents don’t have to be on the loan.
This means you can provide housing for your parents and obtain the same rates, fees, etc. as if you were buying a home to live in instead of paying the higher, second or investment home rates and fees. And, you don’t have to live in the home, your parent or parents can live there and you can stay where you are. Although, you can, in some cases use this program to by a multifamily property such as a duplex, triplex or fourplex and live in one of the units while your parent lives in another and still qualify for the lower owner occupied rates.
*It should be noted that I am not a loan officer and that you should verify all this information with one on your own as programs may vary from lender to lender.
Martin Cross
Broker | OR & WA
He/Him
I've lived in the Portland-Vancouver area my entire life, so I'm very familiar with its many neighborhoods—both in the heart of the city and throughout the suburbs. A few years ago, I made the move to Vancouver to be closer to my grandkids and even closer to nature. I love how easy it is to get outdoors here, whether it’s a walk through the Salmon Creek or Burnt Bridge greenways, or a stroll along Vancouver's fantastic waterfront.
After nearly 25 years of filling homes with beautiful art and design as the owner of vintage furnishings and art galleries, I transitioned my passion for finding great pieces for great people into a career in real estate. My eye for quality and attention to detail benefit both buyers and sellers alike.
Having owned and operated businesses for most of my life, I bring with me a strong background in problem-solving, collaboration, and hard work.
I always say, “Great things rarely come from a 40-hour work week.” If you're looking for a dedicated, responsive, and compassionate Northwest native to help you buy or sell, I’d love to connect. Whether you're searching for a Craftsman, a Midcentury Modern home, a new build, a fixer-upper, or an investment property—from single-family rentals to duplexes or small apartment buildings—I'm here to help you make it happen.
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