How to Rock a Family Opportunity Loan
By Rob Spinosa, SVP of Mortgage Lending, Marin County
(Guaranteed Rate, Marin County, CA)
How to Rock a Family Opportunity Loan Looking to purchase or refinance a home for your elderly parents who wouldn't otherwise be able to obtain a mortgage on their own? Looking to assist a disabled or special needs adult child with housing or his/her own? Or how about putting a college-bound child into off-campus housing that you decide to purchase? All of these are both common scenarios and often difficult ones as viewed by the inflexible guidelines in the mortgage industry. Until now... The Family Opportunity Mortgage can be a great way to thread the needle of otherwise detrimental occupancy requirements for primary homes, second or vacation homes and investment/rental homes. And if used in the right situation, the Family Opportunity loan will often permit you to obtain lower rate...
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