Financing in Spring Hill>Question Details

Ginai, Home Buyer in Spring Hill, FL

Is the Family Opportunity Loan Program available in Florida?

Asked by Ginai, Spring Hill, FL Fri Aug 26, 2011

My parents have a home mortgage that has been paid by me for over five years. I need to buy their home from them to gain any tax benefit. They would not qualify for a mortgage if they were to sell. The house is currently worth what is owed. Can I buy their house from them, for them and qualify for the Family Opportunity Loan Program? I have been talking with Wells-Fargo. They say that I must get an investment loan. This doesn't seem fair or right when I am trying to be good person and help my parents from being homeless. I live in California. They live in Florida.

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Chris Suarez ’s answer
Are there any late payments on the current mortgage?
Do you know what you credit score is?
Has someone given you a value of what they think the house is worth?

In regards to the Tax Benefit that they need, can you give more info?

You can email me directly

Chris Suarez
0 votes Thank Flag Link Sun Apr 14, 2013
I'd check with Chase for this program, they have guidelines that everything you described seem to fit.

However do you realize that there are some nice tax exemptions available in Florida that can really reduce someone's property taxes by quite a bit? Have you discussed what potential property tax increases could happen if you were buy the home from your parents?
0 votes Thank Flag Link Fri Aug 26, 2011
We have programs... but maybe you need to call BB&T bank and ask.. they do allow some other ways maybe...
0 votes Thank Flag Link Fri Aug 26, 2011
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