09/18/2024
🏡 Buying a Home for Parents or Disabled Children: What You Need to Know!
Did you know Fannie Mae and Freddie Mac allow you to buy a home for your elderly parents or disabled child and treat it as a primary residence—even if you don’t live there? Many people don’t, and that’s why this guideline is so important! 👇
✅ What's new?
Fannie Mae no longer requires a one-year tax return to prove that your elderly parent doesn’t have the income to qualify on their own.
Now, whether you use Fannie Mae or Freddie Mac, the only qualifier is that your elderly parent must occupy the property.
✅ What about disabled children?
If your child is unable to work or doesn’t have sufficient income, you (as the parent) can purchase the home as a primary residence.
🏡 FHA’s “Kiddie Condo” Rule
Parents can buy a home for a child (like a student heading to college), with the child as an occupant and the parent as a non-occupant co-borrower.
The child must be on the loan to qualify. This works for both FHA and Conventional loans!
💡 Why does this matter?
Many people don’t know about these guidelines—and the savings can be significant when it comes to avoiding higher rates for second homes or investment properties. Plus, this applies to refinances too!
📞 Reach out today to see how this can benefit you or your clients. Let’s make homeownership more accessible for your family!
NMLS: 932448
904.699.1448
www.fhlsean.com
Sean Rigsby Mortgage Broker Melbourne, Florida. Sean Rigsby was the best person I have worked with on a home mortgage. Always answered my emails or texts...
