Buy a home for an elderly parent, or an adult child with a disability, at the same mortgage rate and down payment as if you were going to live in the home.
Details
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
Eligibility Requirements
- 620+ Credit Score
- Debt-to-income (DTI)* approved by automated underwriting system
- Steady Employment
- 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
