Family Opportunity Mortgage

Bank of Commerce Mortgage is pleased to announce the Family Opportunity Mortgage program in San Diego County. With this program for eligible Fannie Mae and Freddie Mac Market Types, we can assist parents looking to provide a residence for their college-bound or disabled adult child without the expense associated with purchasing an investment property.  Additionally, adult children can obtain mortgage financing for elderly parents who are unable to qualify for a mortgage of their own.  Please contact me to determine eligibility.

Family Opportunity Mortgage provides the following advantages:

• Allows parents to finance a single-family second home residence for their college-bound child (also known as a “kiddie condo”)
• Offers the opportunity for established children to obtain mortgage financing for their elderly parents
• Allows parents to obtain mortgage financing for their physically handicapped or developmentally disabled adult children

College-Bound Child (aka Kiddie Condo)

• Child must be enrolled in college.
(documentation validating current enrollment is required).
• Subject property must be within a reasonable proximity to the university or college that the child is attending.
• Property must be a reasonable distance from the parent’s home in order to be classified as a true second home. The subject property can provide the parents a place to stay while visiting the campus, but it will be the child’s primary residence.
• Property cannot be rented and it must be occupied by the child for a minimum of one year.
• Borrowers may not own additional second/vacation homes in the same locale.
• Parents will apply and qualify for the loan. The child is not an applicant and does not factor into qualifying for the mortgage.
• Parents own the property. If the child is of legal age, the child may join the parents on the title, but it is not required.

Assisting an Elderly Parent

• 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.
• Title must be in the borrower(s) name, but the elderly parent(s) may also be on the title if desired.

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.
• The parent(s) and disabled adult child can both apply for the loan, but the parents are the primary source of qualification. The disabled adult child is not required to be on the loan.
• The title must be in the borrower(s) name, but the disabled adult child may also be on the title if desired.

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