Mike, Home Buyer in New York, NY

Does Anyone Know About a "Family Opportunity Mortgage" and How to Get One?

Asked by Mike, New York, NY Wed Jun 23, 2010

The quick story: my Mom lives in my co op in Long Island City. She has had a stroke, has Medicaid, Social security and pays NO rent.
It used to be my primary then I met someone got married and we now live 500 miles away in NC- house too small to have Mom live with us. Mom wants to be on her own- does well with community medicaid home health care aid.
I really need a HELOC or refinance. Is this a 2nd home or investment? Can anyone tell me where I can find a lender who will work with me? Credit score=excellent, wife will co sign if necessary (her credit is excellent too) to meet debt to income guidelines in necessary

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Ralph Windschuh’s answer
Hey Mike,
You know, before your question, I never heard of a "family opportunity mortgage", so thanks for your question because I just did some research and educated myself. It seems you can try Chase (if they still do it, they had a press release on line from 2007 and with the recent problems getting mortgages ...) But it seems that you take out the loan according to your credit score but that your mom's income (benefits) would have to cover it. Good luck!

Ralph Windschuh
Century 21 Princeton Properties
1 vote Thank Flag Link Thu Jun 24, 2010
I'm sorry I missed this question! I have the Family Opportunity Mortgage available for homes located in Washingotn. I'm not licensed for your state. This is a special Fannie Mae/Freddie Mac program. The home would be treated as a second home and not as an investment if you qualify. I closed a Family Opportunity Mortgage last month so they're *still* around (knock on wood).
0 votes Thank Flag Link Fri Jun 3, 2011
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