What Is a Family Opportunity Mortgage? How Does It Work?

Family Opportunity Mortgage

What Is a Family Opportunity Mortgage? How Does It Work?


Do you have a family member in need and want to help them buy a house?  If you have a disabled adult child or an elderly parent who can’t qualify for a mortgage on their own you have options!  With the Family Opportunity Mortgage, your can purchase another home without the conventional investment property requirements! 


A home is not only a place to live but it is also an asset. It is important to buy it at low mortgage rates because in this way you can increase the value of your house. ⁣

Mortgage rates are now at their lowest point in nearly ten years, making it easier than ever to buy a house. ⁣Disabled children, elderly parents, and others who need additional support can choose to buy a home with one of the many low-down-payment mortgages available today.⁣

So, if you have a disabled adult child or elderly parents in your family, you should buy a house through Family Opportunity Mortgage because it will give you lots of benefits.

What is Family Opportunity Mortgage?⁣


Family Opportunity Mortgage is a mortgage program designed to help first-time homebuyers or to help those people who have elderly parents and disabled children in their families. ⁣

It is attractive to families who want to purchase their first home but don’t have enough money for a down payment. The government provides an interest-free loan that’s forgiven after 10 years, which means the family won’t have to make higher payments as usual. ⁣

The mortgage is structured in such a way that the payments are affordable over time, while still covering the full value of the property.⁣

It can be used to purchase an owner-occupied home, rental property, or business property. With the Family Opportunity Mortgage, you could be eligible for up to 100% financing, 10-year amortization, and interest-only payments.⁣

Family Opportunity Mortgage 2022


Debt-to-Income Ratios ⁣


Family Opportunity Mortgage offers one of the lowest down payment requirements of any mortgage type available on the market today. ⁣

They also offer a wide variety of ratios and terms to suit your every need. What sets them apart is their willingness to work with you and your situation to find a payment plan that suits you and your budget.⁣

Besides the low-down payment feature, the debt-to-income ratios available with Family Opportunity Mortgage are another big selling point of the loan. It can save you thousands of dollars in interest payments over the life of your loan. ⁣

The best part is that, once your credit score improves, you can convert your loan to a more traditional mortgage without any penalty or additional fees⁣


How To Qualify For Family Opportunity Mortgage?

The Family Opportunity Mortgage is an option to buy a home with little or no money down. To qualify for a Family Opportunity Mortgage, you will need to meet certain requirements set forth by the program. ⁣

Family Opportunity Mortgage Corporation understands the importance of your credit score. That’s why the qualifying guidelines are strict. You should have a minimum credit score of 620 or more and have no recent bankruptcy or foreclosure filings.⁣

And there are more things that you should remember before applying for a Family Opportunity Mortgage:⁣

● If you want to apply for Family Opportunity Mortgage, your credit score should be a minimum of 620 or more.⁣
● To Qualify for Family Opportunity Mortgage your Debt-to-income should be 45% or less.⁣
● In order to qualify, you must have steady employment and a good credit score.⁣
● To be eligible for this type of mortgage, you must have a stable and sufficient level of income that can support your all-current home expenses as well as the other one you buy.⁣
● The minimum debt-to-income ratio is 45% or less you must maintain it, in order to qualify.⁣




Qualifications for Elderly Parents⁣


Qualifying for a Family Opportunity Mortgage is not as complicated as it might seem. It is true that there are some factors to be considered. If you are taking Family Opportunity Mortgage on behalf of your elderly parents, then there are some requirements that your parents should meet. ⁣

● To qualify for the FOM, the elderly parents must either have insufficient income to be eligible for a loan or be unable to work.⁣
● The adult child will be the primary person of the FOM application, but if elder parents want, they can be the co-borrower. ⁣
● There are no distance requirements for the adult child to purchase the home of their elderly parents. It can be far or closer as they want. ⁣
● It is important that the elderly parents of the child must live as the primary residence in the home. ⁣


Qualifications for disabled adult children


Qualifications For Disabled Adult Children

Qualifications for Disabled Adult Children are slightly different than qualifications for Elderly Parents. A disabled child will become the main resident of the home, while an elderly parent may be a secondary resident. The elderly parent will have less say in decision making and most likely not participate in day-to-day household activities.⁣

Qualifications for disabled children also include the fact that parents must have documented evidence of their child’s disability. There are many disabilities that qualify, including Down Syndrome, Autism Spectrum Disorder, Cerebral Palsy, and ADHD. Among these is also qualified for children with Spina Bifida who have not yet walked or crawled.⁣


Where To Find Best Family Opportunity Mortgage?

Did you know that if you have a disabled child or an elderly parent who can’t qualify for a mortgage on their own, you have options. With the Family Opportunity Mortgage, you can purchase another home without conventional investment property requirements.⁣

You can purchase a second home for your Elderly parents or Disabled child through Family Opportunity Mortgage. This allows you to take advantage of the much more lenient rules and avoid the much more strict investment property guidelines.⁣

For FOM, you have to consider the Qualification for Elderly Parents if you want to buoy second home for your elderly parents, and if you wanna buy second home for your disabled child, then you have to consider the Qualifications for Disabled Children. ⁣

To find out if you qualify click here and type FOM in the subject line.

David Hughson⁣
Mortgage Broker⁣



Frequently Asked Questions About Family Opportunity Mortgage⁣

Q.1 – Can I convert the property into a rental home?⁣
Yes, of course. This thing depends upon the situation and mutual understanding. If your elderly parents or disabled child does want to live in the second house, you can convert it into a rental home and give it to any other person for rent.⁣

Q.2 – Can the family help with the mortgage?⁣
Yes, if the parents want to help, they can put their savings to the child’s account that is linked with the Mortgage and hence they can help with any amount they want, and then the child has less burden of a mortgage. ⁣

Q.3 – Can I buy a home with my elderly parent?⁣
Yes, you can buy a home with your elderly parent. However, you can be the primary borrower and the non-occupant co-borrower. The non-occupant co-borrower is someone who has an interest in the home but doesn’t live in it.⁣




Family Opportunity Mortgage is the best opprtunity for both elderly parents and disabled child. FOM was created to help families purchase a second home with an affordable monthly payment.

The program’s unique features are geared to make it easy for anyone who qualifies to buy a “second home”.⁣

So, if you have a disabled child or elderly parents with you, you can buy them a second home with easy monthly installmaents, and also there are several more benefits, if you buy a home through this program. ⁣


By David Hughson

Mortgage Broker


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