Family Opportunity Mortgage Program: Access to Homeownership for Vulnerable Family Members
The Family Opportunity Mortgage program offers a solution for individuals who want to buy a home for an aging parent or adult child with disabilities, providing affordable access to homeownership. This program allows borrowers to purchase a primary residence for family members who may not qualify for traditional mortgage loans due to income or credit constraints. By leveraging government-sponsored enterprises such as Fannie Mae and Freddie Mac, the FOM program provides favorable loan terms, including lower interest rates and more lenient eligibility requirements.
- The Family Opportunity Mortgage program highlights the need for more supportive policies in the housing market, particularly for vulnerable populations who face barriers to homeownership.
- Will this program serve as a model for other countries or regions to address similar issues of affordable housing and family support?