Blog Stories Family Opportunity Mortgage

Family Opportunity Mortgage

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


I have lived in Portland my entire life and spent the last 20 years in the Creston-Kenilworth neighborhood of SE Portland. As such, I know inner SE like the back of my hand and I am very familiar with most neighborhoods in the Portland metro area. After almost 25 years filling people's homes with great design and art I shifted my love of finding great things, for great people, towards Real Estate. My eye for quality and attention to detail serves both my buyers and sellers equally. As a business owner most of my life, I understand the concepts of problem solving, coordination with others, and hard work. I always say..."Great things rarely come from a 40 hour work week." If you want a Portland native who is hard working, responsive, and compassionate - give me a call. I look forward to working with you to find that perfect home or that perfect buyer for yours whether the house be Craftsmen, Modern, brand new, or a fixer.
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