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Little-Known Mortgage Option For Family Members Who Couldn't Qualify on Their Own

Thinking of purchasing a house for a disabled adult child or parent? Are you unable to qualify for a mortgage due to a disability? While this program no longer has a brandable name, it’s the perfect fit for specific borrowers. Let’s set the stage with my scenario: Currently renting, my prospective client wants nothing more than to be a homeowner. Disabled from a young age, the sense of independence that comes with homeownership has become rare air. The problem? Never enough income to qualify. A couple of sentences in Conventional guidelines make a world a difference for prospective homebuyers with disabilities: Fannie Mae will consider the residence to be a principal residence even though the borrower will not be occupying : Parents or legal guardian wanting to provide housing for their handicapped or disabled adult child If the child is unable to work or does not have sufficient income to qualify for a mortgage on their own, t ....

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