Tip:
Highlight text to annotate it
X
By end of the video you will know a secret loan program colleges and landlord do not
want you to know about.
College Room and Board is out of control expensive and the alternative of renting an apartment
off campus is nearly as costly. As colleges look to expand the demand increases with the
supply staying the same you end of paying more each year.
So tell me something I don't know?
Fannie Mae has a program that can help, it is called the Family Opportunity Home Loan
program.
With a 20% down payment the parent can buy a single unit home with a conventional mortgage
as a 2nd home even though your son or daughter will live their. From a qualifying stand point
this program opens the door because 2nd homes have less stringent requirements for condo
approval than investment property.
An example of this is city Brighton where many Boston College students reside. The owner
occupancy of the majority of condos is less than 50% which would disqualify you from purchasing
as an investment property. As a 2nd home owner occupancy is a non issue. The condo still
has to get Fannie Mae approved.
This program is intended for your child to live their so your child has to live their
for one year.
This program can also be used for kids that want to buy a home for their parents - Mom
and Dad don't worry no nursing home for you.
If your child is disabled and out of college this program can be used.
If you have any questions please give me a call I am here to help you!