Fannie Mae Agency Loan
With the Fannie Mae Agency loan you may add a parent as a borrower and their child may purchase a home without the parents intent to occupy as a primary residence. Here are some condintions:
- Must be relative’s primary residence.
- Five percent down payment.
- Children can provide housing for elderly parents-even if parents have little or no income.
- Parents can provide housing for physically or developmentally disabled adult child-even if child has little or no income.
- Can purchase “group home” where disabled adult or elderly parents would live.