DISABLED

Florida Mortgage Corporation offers a mortgage that allows parents to provide a home for their physically handicapped or developmentally disabled adult children. This is a great mortgage program for families facing certain challenging financial situations. Minimum 5% down payment or more.

Our program AVOIDS higher interest rates, larger down payment, and expenses often associated in purchasing "investment" properties.

•   UP TO 95% FINANCING

Relationship and Property Requirements:

•  The "adult" child must be unable to work, or not have sufficient income to qualify for a mortgage on their own.

•  Parents must provide a Letter of Explanation outlining their intent to purchase a home for their physically handicapped or developmentally disabled adult child who is financially limited.

•  The adult child will occupy the subject property as their primary residence.

•  The parents may already own their own primary residence.

•  No distance requirements on where the adult child’s primary residence is located.

Application Process and Occupancy Classification

•  Property will be categorized, underwritten and priced as a primary residence.  (Not investment property)

•  The parents and adult child can both apply for the loan, but the parents are the primary source of qualification. The disabled child is not required to be on the loan.

•  Title must be in the borrowers name, but the adult child may also be on the title if desired.

•   Fixed or adjustable rates

•   Single Family residence, condos, co-ops and PUD's are eligible

 

 

MORTGAGE PROGRAMS

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