Welcome!

Family Opportunity Mortgages

Baby boomers have reached retirement age. This generation is healthier and more active than their predecessors and many want to age in a home of their own. Many of these potential home buyers have fixed incomes and with soaring home prices, they are unable to qualify for a new home when they are ready to downsize. This is where a Family Opportunity Mortgage can help.

A Family Opportunity Mortgage is backed by Fannie Mae and allows you to purchase a home for your elderly parents if they cannot qualify on their own, at the same favorable down payment and interest rates as a primary residence. This is a significant advantage over loan programs for second home or investment properties.

The terms of the loan program are simple. The borrower needs a 620+ FICO score, steady employment, and enough income to qualify for both their current housing and the new loan. Total debt-to-income ratios cannot exceed 45% and that must include all the new costs. Finally, the parents must demonstrate that they do not have the income to qualify for the loan on their own. It’s important to understand that bad credit is not sufficient to use this loan program, it must be a lack of income that disqualifies them. This program can also be used to help an adult child with disabilities.

As more people choose to live independently in retirement, the need for housing will continue. By taking advantage of a Family Opportunity Mortgage, qualified borrowers can purchase a home for their parents at very favorable owner-occupied rates and terms. Make sure to talk to a licensed mortgage lender to learn more.

Let’s Talk: Benefits Of Owning a 2nd Home?

As the world emerges from the pandemic era and begins to look for a new normal, we’ve all changed the way we look at homeownership and lifestyle. More and more, families are forgoing exotic vacations and using the savings to enhance their home for staycations. In addition to the home improvement boom, the second home market has also exploded. Owning a second home was once a privilege for the rich and famous, but now even those with a modest income can purchase a second home.

There are some great benefits to owning a second home. The first is enjoyment. Many people buy a second home to get a change of scenery. With more companies offering a work-from-home option, spending winter in a warmer climate has become feasible for the average person.

There are financial advantages to buying a vacation home. A second home can help you save money on your taxes. The mortgage and property taxes of a second home can be deducted from your income in the same way a primary home is. The property can also be rented out while not in use to provide extra income or pay for the costs of the home.

Owning a second home can enhance the lifestyle of the family. Building equity in two properties will build wealth more quickly while providing an alternate location for work or fun.

2022 Color Trends

Did you know that each year paint and pigment companies work hard to predict the hottest trends in colors. They choose the “Color of the Year” and home designers love to infuse new tones and hues into their new designs.

For 2022, Shades of Green will be all the rage. While there is no consensus about the specific shade of green and the colors range from soft neutral mists to deep evergreen, suddenly style magazines are boasting green in everything from furniture to fixtures.

Home designers have wasted no time incorporating these new colors in their styles. Accent chairs in bright bold Seafoam will instantly add a modern touch to your living spaces. Backsplashes in olives and cypress create a new ambiance for the kitchen. A soothing color, green can also create a relaxing environment in a bedroom or bathroom. Make easy changes like new linens or towels for a quick uplift.

Paint is also a great way to instantly brighten a room. Take advantage of the new green colors like guacamole or olive sprig to transform a neutral-toned room to an interesting, modern space. Doors, kitchen accents, walls, and furniture are great weekend projects to add green to your home.

The shade of the year is Green! Soft, bright, blue-tones, yellow-toned, and everything in between. If you’re ready to make a change, add a pop of color in any room and embrace the Shade of the Year..