Family Opportunity Mortgage

I learn something new every day… Well, almost every day, and certainly every month. Last month, I learned about what is often referred to as a Family Opportunity Mortgage. Turns out, Fannie Mae allows a person to qualify to buy a home as if it’s an “owner occupied residence”, even though they are buying the home for elderly parents, or in some cases children to live in.

According to Fannie, an offspring may provide housing for an elderly parent if the parent does not have sufficient income to qualify for a mortgage on his or her own. And, the parents don’t have to be on the loan.

This means you can provide housing for your parents and obtain the same rates, fees, etc. as if you were buying a home to live in instead of paying the higher, second or investment home rates and fees. And, you don’t have to live in the home, your parent or parents can live there and you can stay where you are. Although, you can, in some cases use this program to by a multifamily property such as a duplex, triplex or fourplex and live in one of the units while your parent lives in another and still qualify for the lower owner occupied rates.

*It should be noted that I am not a loan officer and that you should verify all this information with one on your own as programs may vary from lender to lender.

Oh my God we have a house!

Mea and Thom entered this crazy sellers market well educated and with delibrance. Taking their time, educating themselves on the process, watching as homes sold and talking with me about what to expect when they were ready to make an offer. Unlike many people in today’s market, they had no sense of urgency. Their living place was secure so they could take their time and see enough homes to be confident in their needs and wants.

After looking at a half dozen or so houses, and still feeling like the were in the “research’ phase, we found this sweet little dream boat of a house and she checked all the boxes. With a strong offer and a few clever contingencies we got them into contract on the first home they offered on!! After sailing through inspections, they closed right on schedule.

One of my favorite parts of this business is handing over keys and seeing the excitement overflow from my buyers as the reality of home ownership sets in. Watching Mea exclaim “Oh my god we have a house!” as she hugged Thom filled my heart.

So give me a call when you’re ready to exclaim “oh my God we have a house!!”

Oh My God, We Bought The Farm! ~ Chickens & Goats & Horses Oh My!

Oh my God we bought the farm!  Chickens & goats & horses oh my!

 

When Kelly first approached me about looking for some property in the country she had several items on her “needs and wants” list. I don’t think she ever thought she would get it all AND MORE!!

She wanted a place in the country with at least an acre, preferably two or three, it needed to be move in ready-ish and preferably have a barn or outbuilding and space for a garden, chicken coop and possibly a greenhouse.

So off we went, over the hills, up the valleys and along the rivers. We went north, we went south, we went northeast and Southwest. Finally, she sent me a cute, tight looking 50s house on 6 acres north of Longview.

Not only was it more acreage then she dreamed of, it was already set up for horses, came with a barn, small greenhouse AND chicken coop, complete with chickens!

This was it! It felt like we had to act fast! The seller already had two offers in and more showings scheduled the next day. But, have no fear I said! We can do this!

Through careful discussion with the seller’s agent I was able to find out the list of terms and conditions that were important to the seller and we were able to negotiate a fantastic offer with a super fast closing date if the seller agreed to pull the house from the market and cancel any upcoming showings.

Even in this insane sellers market, through my knowledge of the market, great communication with the other agent, and the use of some clever terms and conditions I was able to get their offer accepted and Kelly and her family were able to say, oh my God we bought the farm!