APPLY NOW

3 family-friendly home financing opportunities

Taking care of family should be as easy as possible. From accommodating a college-bound child to assisting an elderly parent, the Family Opportunity mortgage program could help you finance a home for a relative in need. The benefits of family extend far beyond emotional support!

College convenience:

Got a college kid? Whether your son or daughter attends school across the country or an hour down the road, an off-campus residence can help them feel at home and enhance their college experience. It can also give you a convenient place to stay when you visit! The Family Opportunity program allows you to purchase a one-unit second home with proof of your child’s enrollment. A few program guidelines to keep in mind:

  • Property must be within reasonable proximity to the university.
  • Property must be a reasonable distance away from the parent’s home to be classified as a second home—typically 50 miles or more.
  • Property cannot be rented and must be occupied by the child for at least one year.
  • Borrowers may not own additional second homes in the same area.
  • Property must be registered, underwritten and priced as a second home.
  • Parents apply and qualify for the loan and subsequently own the property—if your child is of legal age, they can join you on the title.

Senior support:

Your parents sacrificed so much of their time and energy to give you a great childhood and support your dreams and aspirations. Now it’s time to give back. Whether dad needs to downsize or mom needs to refinance, the Family Opportunity program also allows you to purchase or refinance a primary residence for elderly parents:

  • Parent(s) must be unable to work or possess insufficient income to qualify on their own.
  • No distance requirement between residence of your parent(s) and your home.
  • Parent(s) and adult child can both apply for financing, but child is the primary source of qualification—parent is not required to be on the loan or the property title.
  • Property must be registered, underwritten and priced as a primary residence.

Options for people with disabilities:

Does your son or daughter with disabilities need a home? The Family Opportunity program is a great choice for parents looking to finance a primary residence for adult children with physical handicaps and/or developmental disabilities:

  • Child must be unable to work or possess insufficient income to qualify on their own.
  • No distance requirement between child’s residence and your home.
  • Child and parent(s) can both apply for financing, but parent is the primary source of qualification—child is not required to be on the loan or the property title.
  • Property must be registered, underwritten and priced as a primary residence.

The world’s best Digital Mortgage

Let's get started
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate Affinity, LLC. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate Affinity, LLC. Guaranteed Rate Affinity, LLC. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.