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Karla Divine's Blog

By Karla Divine | Broker in Portland, OR

Finance a Home for your College Student



Good news! The Family Mortgage Opportunity allows people to fiance homes for dependent children who are leaving the nest for college, dependent parents or dependent disabled adult children. Family Mortgage option can allow you to buy what might otherwise be categorized as an investment property (with higher intersest rates and down payment) at the same terrific interest rates you can use to purchase a primary residence for yourself.
By utilizing the Family Opportunity Mortgage, family members can lend a helping hand, and benefit from attractive rates, fees and terms.
Take advantage of this program when a family member is disabled, unable to work or has insufficient income to qualify for a mortgage. Possibilities Include:

  • College bound children purchasing a single family residence financed by their parents.
  • Children financing or Re Financing a primary residence for a dependent parent.
  • Parents purchasing or re financing a primary residence for a disabled child.

My 'go-to' lender, Mark Aalto of Pacific Residential Mortage is all ready to help you with this type of fiancing if you can use it and qualify. He can also offer other flexible financing options that you might be interested in.
This is a great way to help your family member get a good start on future investment income property.
Karla Divine, Principal Broker Divine NW Realty 503-819-6923


 

Comments

By Gary Youngman,  Tue Nov 20 2012, 07:01
Great article...
 
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