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ELDERLY PARENTS |
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Florida Mortgage Corporation offers a mortgage program for established adult children to provide housing for their elderly parents. Adult children are provided flexibility to provide housing for elderly parents, who are unable to work or have insufficient income to qualify for a mortgage of their own. Minimum 5% down payment or more. This is a great mortgage program for families facing certain challenging financial situations.
Our program
AVOIDS
higher interest rates, larger down payment, and expenses often associated in purchasing "investment"
properties.
UP TO 95% FINANCING
The
elderly parents must be unable to work, or not have sufficient income to qualify
for a mortgage on their own. Adult child must provide a Letter of Explanation
outlining their intent to purchase a home for elderly parents who are
financially limited.
The parents will occupy the subject property as their primary residence.
The adult child may already own their own primary residence.
Assisting an Elderly Parent has no "distance" requirements, on where the
adult childs 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 adult child is the primary source of qualification. The elderly parents are "not" required to be on the loan. Title must be in the borrower's name, but the elderly parents may also be on the title, if desired. Fixed or adjustable rates Single Family residence, condos, co-ops and PUD's are eligible
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