Home Buying in Indianapolis>Question Details

kachamberlain, Home Buyer in Indianapolis, IN

Does Family Opportunity Mortgage still exist? Are there any Indianapolis lenders who will handle these?

Asked by kachamberlain, Indianapolis, IN Tue Aug 7, 2012

Looking to buy condo or home in Indy for 78 yr old mom to live in. She is on fixed low-income and in an apartment that will be going up in rent again. The FOM allows you to buy a second home but treat it as owner-occupied if for elderly, low-income parent. With low rates we can lock in a payment lower than her rent but only if we get the rates and property tax breaks of an owner-occupant which is supposedly what this program allows. (We live out of state.)

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Answers

2
You might also phone my sister Vickie Topmiller: 317.509.1935. I
believe there is a loan that allows a parent to buy a home for a child
and put a homestead on it too. Vickie has been writing loans for 20
years or more and she's local. So, she knows the local market and I
imagine she knows whether the Family Opportunity Mortgage still exists.

And a client of mine purchased a home for his mother and put
the homestead exemption on it - buying it in the name of a trust
that was set up just for that purpose. This answer is also pretty
common.

Phone me when you are ready and I will begin sending you single
story condos at street level, so your mother won't have to climb stairs.

Thanks for asking,

Marita
Assoc Broker
Prudential Indiana Realty Group
317.513.4652
0 votes Thank Flag Link Mon Aug 13, 2012
Hello, check out:
Cory Kessenich
Mortgage Consultant
Toll Free: 877-240-5810 x205
Local: 608-245-6905
cory.kessenich@madisonmortgageguys.com
http://www.realestatemarbles.com/mortgage/
NMLS ID #208789
Inlanta NMLS ID #1016
0 votes Thank Flag Link Tue Aug 7, 2012
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