Here’s some great loan information from Steve Walden at Mason McDuffie Mortgage in Montclair. 

There are ways for a Parents or Children of elderly parents, students and disabled adult children to assist them in purchasing a home. Advantages of these special loans are:

  • properties can be bought with standard Fannie Mae and Freddie Mac guidelines
  • rates and down payments as Primary Residences or Second Homes: not investments
  • Save on rate, fees and down payment for now and offer opportunity down the road.

Assist Elderly Parents. Elderly parents must be unable to work or not have sufficient income to qualify for a mortgage on their own. The adult child must provide a letter of explanation outlining the intent to purchase a home for elderly parents who are financially limited. The parent(s) will occupy the subject property as their primary residence. The adult child may already own his or her own primary residence. Assisting an Elderly Parent has no distance requirements on where the adult child’s primary residence is located. This is a great way to keep the folks near and dear while building the family real estate portfolio.

College-Bound Children. “Kiddie Condo”. Child must be enrolled in college. Parents will qualify on the loan; Child can go on title; but will not on the loan. Single family homes and Condos are eligible and must be in a reasonable proximity to the university or college being attended. Property must be occupied by the Student for one year after close of escrow. Can be a great way to get into the rental market after residency requirements are met.

Assisting a Disabled Adult Child. Disabled adult child must be unable to work or not have sufficient income to qualify for a mortgage on his or her own. The parent(s) must provide a letter of explanation outlining the intent to purchase a home for their physically handicapped or developmentally disabled adult child who is financially limited. Disabled adult child will occupy the subject property as his or her primary residence. Parents may already own their own primary residence. Assisting a Disabled Adult Child has no distance requirements on where the adult child’s primary residence is located.

For more information on these special loans contact
Steve Walden, Senior Loan Officer ,
Cell 510-520-3337
swalden@mmcdcorp.com
6472 Moraga Avenue, Second Floor – Oakland, CA 94611

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