Real Estate Financial is pleased to announce our Program for Disabled Children and Elderly Parents . We know that not all situations are easy and we work hard to deliver the best programs and rates available to you.
Our Program for Disabled Children and Elderly Parents allows parent-borrower or child-borrower transactions to be considered a primary residence for eligibility, regardless that parent-borrower / child-borrower will not occupy the property. Treating the transaction as a primary residence has many benefits including reduced down payment requirements and a higher limit on allowed seller contributions then if the home were purchased as investment property.
- Parent-borrower transaction:
- Parents may purchase or rate/term refinance housing for adult children who are physically or developmentally disabled who are unable to work or who have insufficient income to qualify on their own.
- Child-borrower transaction:
- Adult children may purchase or rate/term refinance housing for elderly parents who are unable to work or who have insufficient income to qualify on their own. For this program, elderly is defined as 62 or more years old.
- Disabled child or elderly parent must occupy property as primary residence but are not required to be on the Note or Title if income or credit is not used to qualify.