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Buy a Home for Your Parents With This Special Loan Program
Buy a home for your parents with this special loan program; this is an excellent blog written by our own preferred lender Dan Tharp. ~~JaCi Wallace with RE/MAX Gold # 00773532
As a long-time Mortgage lender in Sacramento, I have used this relatively unknown loan program to help my clients purchase new homes for their parents while avoiding the more stringent rules and higher rates that come with buying an investment property.
It is not uncommon that I get that call from a concerned client, trying to figure out how to help their parents move closer to them, so they can spend more time with the grandkids, or worse case they need emergency help. The challenge of long-distance caregiving can be a significant drain on the family, and this program may be the answer.
Unfortunately, purchasing a second home or investment property often means you need to put up a much larger down payment than you would for a primary residence; the interest rate might be higher. The benefit of this Family Opportunity Mortgage is that even if you currently own a primary residence, the new loan is subject to the same guidelines, and rates as an owner-occupied home! If your parents don’t have sufficient income or cannot work and wouldn’t qualify for a mortgage on their own, this could be the program you could use to help them.
This unique mortgage offers several benefits over traditional second home mortgages. First, no occupancy requirements – For second homes, typical rules require the borrower to occupy the home for some part of the year. There is no such requirement for this type of mortgage however, the parents must live in the property as their primary residence.
Secondly, there are no distance requirements – Some underwriters may require that a second home not be located near your primary residence. This rule has softened, but the underwriter would ask for a strong case of why this home should be considered a 2nd home under standard underwriting guidelines. But thankfully, with this program, there are no distance requirements! The home could be located right next to yours or in a different town; it’s still priced and underwritten as a primary residence, allowing you to secure a home for your parents at a lower cost.
Not all lenders offer this program, so be sure to ask your lender if this is available or give me a call anytime. We can cover in more detail to see if you are eligible for this unique program, “Buy a Home for Your Parents With This Special Loan Program.”
The above information is for educational purposes only. All data, loan programs, and interest rates are subject to change without notice. All loans are subject to underwriter approval. Terms, conditions, and eligibility requirements apply. Always consult an accountant or tax advisor for complete eligibility requirements on tax deduction.
If you are interested in buying or selling a property give us a call at 916-233-6759. If you need any kind of mortgage information or assistance, please call Dan Tharp with Guild Mortgage 916-257-1470
Dan Tharp – Branch Manager – 916-257-1470 2250 Del Paso Rd. #A, Sacramento, CA 95834
NMLS# 280913 | Company NMLS # 3274Equal Housing Lender Click to read Testimonials
Presenting a Sacramento Home for Sale By Targeting the Home Buyer
Presenting a Sacramento home for sale by targeting the home buyer is a strategy that all listing agents do not always give much thought to. Many sellers have been calling this week to find out how much their home is worth and how this Sacramento real estate agent might go about selling it. They seem amazed that I have time to talk with them, but they don’t understand that selling Sacramento real estate is pretty much all that I do. One seller even asked me how I find time to sleep. I am productive because I am organized and focused on my task. This means I can do a large volume of work while still giving my clients individual attention.
I am never too busy to accept a listing and sell a home. On top of this, I am fanatical about my photographs — about how I present each and every listing to home buyers and other agents. Every real estate agent should be this way, in my opinion. Presenting a Sacramento home for sale by targeting the home buyer is a very important marketing strategy. Read more in my personal blog today about https://www.elizabethweintraub.com/looking-sacramento-homes-sale-buyers-perspective/
If you think about buying or selling a property, please call us at 916-233-6759.
JaCi Wallace
RE/MAX Gold 00773532
The Myth Behind Those Back-on-Market Homes in Sacramento
Short Sale Blog 2014: This spring real estate market in Sacramento is off to a rocky start, at least in my little camp in the universe. It seems that every time I take a home off the market and place it into pending status, there is some kind of issue with the buyer that should have been resolved prior to writing an offer. What I call an “Oops” status. Except it’s like a 30-foot-deep snow blizzard, so I just say Oops to be funny, otherwise, I’d be tearing out my hair.
Over the last dozen years, even through the real estate crisis, a listing agent could be relatively assured that when she changed that status on a home in Sacramento from active to pending, that it would at least make its way into escrow. Because, after all, she had an accepted purchase contract. That doesn’t seem to be the case at the moment. Read more in my personal blog about.
If you are interesting in discussing your real estate objectives, we can be reached at 916-233-6759.
JaCi Wallace, RE/MAX Gold
DRE 00773532
If You Don’t Buy My Home in Sacramento I Will Sue You
If you don’t buy my home in Sacramento I will sue you. This is what some sellers may consider doing. There are some buyer’s agents in Sacramento, and probably in other cities as well, who believe it is perfectly OK to write multiple offers for their buyers, even if the buyers can’t afford to buy all of the homes. Well, one day somebody will say no, it is not all right, and if you are in contract with me and another seller, you either decide to buy my home or I will sue you.
Sellers can sue for damages. You might say what damages? How about taking the home off the market and placing it into pending status, now going back on the market in “back on market” status so other agents and buyers now wonder what is wrong with the house? How about canceling the home staging and now needing to rehire the stagers at additional costs and shoot all new photographs? Are there are potential damages for allegedly breaching the contract in this situation? These are questions you should ask an attorney for legal advice.
It’s just not a good idea to write multiple offers. If you don’t buy my home in Sacramento I will sue you is not a sentence you want to hear. If you can only afford to buy one house then only write one offer. You can read more about what happened in my personal blog today in this link: The Consequences When Buyers Write Multiple Offers.
If you are interested in selling real property or purchasing a property please contact Weintraub & Wallace Realtors, Elizabeth Weintraub & JaCi Wallace. We can be reached at 916-233-6759. JaCi Wallace Dre 00773532 is with RE/MAX Gold Real Estate.
JaCi Wallace / Weintraub & Wallace
What to Say to an Agent if You Are Not Ready to Buy a Sacramento Home
What to say to an agent if you are not ready to buy a Sacramento home. It’s pretty easy to call a Sacramento real estate agent and ask about homes for sale. Zillow publishes our phone numbers under an alias phone number, and I register that alias in order to report telemarketers, along with the alias at the Do Not Call List. But buyers and sellers and prospective clients are certainly welcome to call this Sacramento real estate agent.
We receive a ton of phone calls from a variety of websites throughout my workdays. Not all of those callers are actual home buyers or home sellers, though. Some callers are kids in high school and simply curious about the cost of a loaf of bread, which they would never purchase nor toast, on top of which, this is not Safeway, but what the hey, this crap comes with the territory.
One guy left a text message way after bedtime around midnight. He followed it up with an angry email at 6 AM wondering why he had not received a response. I wondered if he had ever made it to bed or if he was still drunk and whether his parents know where he is.
Read more in my personal blog today about If You Aren’t Ready to Buy a Home in Sacramento.
If you are interested in selling real property or purchasing a property please contact Weintraub & Wallace Realtors, Elizabeth Weintraub & JaCi Wallace. We can be reached at 916-233-6759. JaCi Wallace Dre 00773532 is with RE/MAX Gold Real Estate.
