Family Opportunity Mortgage

A UNIQUE offering TO HELP buy a home for family members who cannot do so on their own.

This unique mortgage loan allows the borrower to obtain the loan at the same mortgage rate and down payment as if they were going to live in the home themself.

WHAT IS A FAMILY OPPORTUNITY MORTGAGE?
A Family Opportunity Mortgage Loan offers the ability to finance a home purchase for an aging or elderly family member, an adult child with a disability, or for a relative that lacks the capacity to do so on their own.

WHAT ARE THE ELIGIBILTY REQUIREMENTS OF A FAMILY OPPORTUNITY MORTGAGE?

• A credit score of 620 or better.
• Debt-to-Income (DTI)* approved by automated underwriting system.
• Proof of steady employment and income.
• Enough income to support your current housing costs plus additional expenses of owning another home.
  
  

*Debt-to-income (DTI) ratio is monthly debt/expenses divided by gross monthly income.

Family Opportunity Loan Program Advantages:

• Lower down payment than second home or investment property loans.
• Standard owner-occupied mortgage rates.
• Borrower does not have to live in the property.
• No distance requirements from borrower’s primary residence.

This is not a commitment to lend; you must submit additional information for review and approval. Rate, Annual Percentage Rate (APR), and terms are subject to change without notice.  See your Loan Officer for complete program guidelines costs, fees, and annual percentage rates (APRs).

DETAILS
A loan program to help purchase a home for a family member, such as an elderly parent or adult child with a disability, at the rate and down payment as if purchasing for yourself. To learn more, contact a First Liberty Bank mortgage lender in Oklahoma City or Norman.