There is a little know program offered Fannie Mae that allows parents of physically or developmentally disabled children to purchase a home for their adult child as an owner-occupied home. These parents will likely already own an owner-occupied home and the advantages of being able to purchase another home as owner occupied are twofold. The first big advantage is being able to get the best interest rate. The 2nd advantage is being able to purchase with less money down. This purchase can be done with as little as 3% down whereas most non owner-occupied loans will require 15 to 20% down.
In some cases, purchasing a home for a disabled child may be more cost effective than having them live in a nursing home or even renting an apartment. It also gives the child added security for after the parents are no longer around.
Being a parent of a disabled child is extremely difficult and a huge financial burden. With this program the generosity of parents willing to purchase a home for their child is somewhat rewarded with lower costs.
If you want more details about this program or any loan program please contact me, brian@GrandLendingCA.com