Imagine your family needs a house, but can't get a loan! The Family Opportunity Mortgage (FOM) helps. It lets someone buy a house for a parent or adult child who can't get a mortgage on their own.
- You buy the house, but your family member lives there.
- It's like a regular home loan, but with a twist: the owner and the person living in the house are different.
- You need good credit (around 620) and enough income to pay the mortgage.
| Feature | Details |
|---|---|
| Minimum Credit Score | 620 |
| Down Payment | As low as 5% |
| Eligible Family Members | Parents or adult children with disabilities, those who can't work, or students |
This helps families, but be careful! Paying for two homes can be tough. It's important to be able to afford both the new house and your own home.
