All of us dream of giving back to our parents one day. Redondo Mortgage Center presents a program for borrowers who long to buy their parents a home. You can now achieve this goal under an owner-occupied loan—this means that you can put less down payment and have a lower rate.

Fannie Mae considers a residence to be a principal residence even though the borrower will not be occupying the property.

The following are the parameters under which you may buy a property, owner-occupied:

1. Borrower Type: CHILDREN WANTING TO PROVIDE HOUSING FOR ELDERELY PARENTS

Requirement for Owner-Occupancy: IF THE PARENT IS UNABLE TO WORK OR DOES NOT HAVE SUFFICIENT INCOME TO QUALIFY FOR A MORTGAGE ON HIS OR HER OWN, THE CHILD IS CONSIDERED THE OWNER/OCCUPANT.

2. Borrower Type: PARENTS WANTING TO PROVIDE HOUSING FOR THEIR PHYSICALLY HANDICAPPED OR DEVELOPMENTALLY DISABLED ADULT CHILD

Requirement for Owner-Occupancy: IF THE CHILD IS UNABLE TO WWORK OR DOES NOT HAVE SUFFICIENT INCOME TO QUALIFY FOR A MORTGAGE ON HIS/HER OWN, THE PARENT IS CONSIDERED THE OWNER OCCUPANT.

This makes purchasing a home under the above-given conditions, more affordable and attainable. There are certain exceptions that apply, so contact us to see what the limitations are. Otherwise, it is a good chance to explore buying a home for your parents while it is still a buyers’ market!

Call 310-318-8999 or email info@redondomortgage.com for questions.