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A Comprehensive Guide to Family Helping Family Mortgage (a.k.a. the Fannie Mae Family Opportunity Clause): Helping Your Elderly Parents or Adult Disabled Child Purchase a Home

May 31, 2023 by Kevin Martini

The Family Helping Family Mortgage, also known as the Family Opportunity Mortgage, is an often overlooked clause in the guidelines set forth by Fannie Mae and Freddie Mac. It paves a unique way for adult children to help their elderly parents buy a home, thus adding comfort to their golden years. Additionally, it allows parents to acquire a home for their disabled adult child, enhancing their living conditions. This clause in the lending guidelines serves as a beacon of hope for families facing these circumstances, as it turns the tide in their favor.

Unveiling the Family Helping Family Mortgage (a.k.a. Family Opportunity Mortgage)

Family Helping Family, as an unconventional option, presents homeowners with a distinctive path to aid their elderly parents or an adult disabled child. This type of loan isn’t your standard home loan, as it has been designed specifically to cater to unique family circumstances.

Typically, purchasing a second home would be deemed as an investment property, hence attracting higher interest rates. However, with the Family Helping Family Mortgage, the property intended for your parents or adult disabled child is considered as a primary residence, thus, offering more favorable loan conditions.

Key Features of the Family Helping Family Mortgage (a.k.a. Family Opportunity Mortgage)

To fully grasp the potential of the Family Helping Family Mortgage, let’s dive into its crucial features:

Primary Residence Classification

This mortgage type designates the home purchased for your parents or disabled adult child as a primary residence. The implications of this classification are significant:

  • Reduced Down Payment: This could entitle you to a down payment as low as 5% of the home’s purchase price, substantially easing your initial financial load.
  • Lower Interest Rates: Primary residences typically attract lower rates than investment properties, hence potentially decreasing your overall mortgage cost.

Favorable Insurance Terms


The In-Depth Guide to Family Helping Family: Assisting Your Elderly Parents or Disabled Adult Child Purchase a Home

The Family Helping Family Mortgage, also known as the Family Opportunity Mortgage, is an oft-overlooked clause in the guidelines set forth by Fannie Mae and Freddie Mac. It paves a unique way for adult children to help their elderly parents buy a home, thus adding comfort to their golden years. Additionally, it allows parents to acquire a home for their disabled adult child, enhancing their living conditions. This clause serves as a beacon of hope for families facing these circumstances, as it turns the tide in their favor.

Illuminating the Family Helping Family Mortgage

This unconventional mortgage option veers from traditional home loans, exclusively designed to accommodate distinct family scenarios. It provides homeowners a distinct path to assist their elderly parents or disabled adult child.

Ordinarily, purchasing a second home is viewed as an investment property, which naturally attracts higher interest rates. The Family Helping Family Mortgage, however, treats the house intended for your parents or disabled adult child as a primary residence, thereby offering more advantageous loan conditions.

Core Aspects of the Family Helping Family Mortgage

To fully grasp the potential of the Family Helping Family Mortgage, let’s delve into its crucial features:

Primary Residence Categorization

This mortgage type designates the home purchased for your parents or disabled adult child as a primary residence. The implications of this classification are significant:

  • Reduced Down Payment: This could entitle you to a down payment as low as 5% of the home’s purchase price, substantially easing your initial financial load.
  • Lower Interest Rates: Primary residences typically attract lower rates than investment properties, hence potentially decreasing your overall mortgage cost.

Advantageous Insurance Terms

Given the property’s status as a primary residence, you’re likely to gain access to more favorable mortgage insurance terms. This becomes particularly valuable when you consider that mortgage insurance often makes up a substantial portion of total housing costs.

Flexible Credit Requirements

The Family Helping Family Mortgage has credit requirements that can be more lenient than those of standard investment loans. This could simplify the process of securing a mortgage, even if your credit history is less than perfect.

Navigating the Eligibility Maze

Understanding the eligibility criteria is a cornerstone of the Family Helping Family Mortgage. Here’s what you need to know:

  • The property must serve as the primary residence for an elderly parent who can’t work or lacks sufficient income to qualify for a mortgage.
  • The parent is not required to occupy the property full-time, but the property cannot generate rental income.
  • The borrower must qualify for the loan based on their creditworthiness and income.

The Martini Mortgage Group Makes the Application Process Seamless

When applying for the Family Helping Family Mortgage, you’ll need to furnish documentation that establishes your parent’s incapacity to secure a mortgage or their inability to reside in the house due to physical or mental issues. This may include medical records or a statement from a doctor or social worker. In addition, you will also need to present your credit report, proof of income, and other standard documents for a mortgage application plus may also require evidence confirming that the home will serve as your parent’s primary residence.

Your Final Decision: Is the Family Helping Family Mortgage the Right Choice?

While the Family Helping Family Mortgage offers numerous benefits, it’s crucial to evaluate your financial situation and consult with Senior Mortgage Strategist Logan Martini to ensure it’s the ideal choice for your circumstances.

The Family Helping Family Mortgage offers a remarkable opportunity to help your elderly parents or disabled adult child secure a home. With careful planning and consideration, this mortgage can emerge as a valuable investment, ensuring a better quality of life for your family members.

raleigh mortgage broker logan martini

Logan Martini | NMLS 1591485 | Senior Mortgage Strategist | Martini Mortgage Group at Gold Star Mortgage Financial Group, Corporation | NMLS # 3446 | 507 N Blount St, Raleigh, NC 27604 | (919) 238-4934 | www.MartiniMortgageGroup.com | Logan@MartiniMortgageGroup.com | Equal Housing Lender

Filed Under: Buy a Home, Conforming Loan, Conventional Loan, Family Helping Family, Family Opportunity Mortgage, Fannie Mae, Freddie Mac, Home Loan, Home Loans, Mortgage, Raleigh, Raleigh Mortgage, Real Estate, Wake County Tagged With: Buying a Home in North Carolina, Buying a Home in Raleigh, Family Opportunity Mortgage, Logan Martini, Mortgage Tips, North Carolina, Raleigh, Real Estate

Things to Know and Consider when Buying a Home (Martini Buyer Guide | Winter 2022)

December 7, 2022 by Kevin Martini

If you are a first-time homebuyer or a repeat homebuyer, there are many things one needs to know and consider when buying a home.  Certified Mortgage Advisor Kevin Martini and Senior Mortgage Strategist Logan Martini curated the Winter 2022 Martini Buyer Guide to simply explain the current real estate and mortgage markets plus vital information about buying a home and the process of getting a mortgage.  The Winter 2022 edition of the Martini Buyer Guide has many informative articles that talk about things one needs to know about the current real estate and mortgage markets. 

winter 2022 martini buyer guide
Winter 2022 Edition of Martini Buyer Guide

If you are buying real estate, if you are selling real estate, if you are refinancing a mortgage or if you work in the real estate arena then the Winter 2022 Martini Buyer Guide would be very helpful since it simply explains the current real estate and mortgage opportunity.

The Winter 2022 Martini Buyer Guide was curated to simply explain what is going on in the real estate and mortgage markets.

Logan Martini, Raleigh Mortgage Broker & Senior Mortgage Strategist

Contents of the Winter 2022 Martini Buyer Guide (things to know and consider when buying a home)

best raleigh mortgage broker logan martini

What is happening in the market?

With everything going on in the housing market right now, you may have a number of questions about what that means for you and your plans to buy a home. Here are three things that are likely top of mind for you.

  • Why did Raleigh mortgage rates rise so much in 2022?
  • What is happening with home prices in Raleigh?
  • Should I buy a home in Raleigh today?
raleigh mortgage lender martini mortgage group what is happening in the housing market page 1 of 2 winter 2022 martini buyer guide
raleigh mortgage lender martini mortgage group what is happening in the housing market page 2 of 2 winter 2022 martini buyer guide

Expert insights for today’s homebuyers

If you want to buy a home today in Raleigh or anywhere for that matter, here are a few things experts say you should know about what to expect and why homeownership is so important.

raleigh mortgage lender martini mortgage group expert insight for todays homebuyers winter 2022 martini buyer guide

Trends that are good news for Raleigh homebuyers

As the Raleigh real estate market has cooled but still remains strong, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too! Here are four trends that may be beneficial when you go to buy a home today.

  1. More homes to choose from
  2. Bidding wars have eased
  3. More negotiation power
  4. Higher loan limits
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2/1 Buydown

Increasing Raleigh mortgage rates are presenting some challenges and opportunities not just for first-time homebuyers but also to repeat homebuyers too! Leap over the challenges and into the opportunity with a creative mortgage strategy offered by the Martini Mortgage Group called a Seller Paid Buydown.

raleigh mortgage broker kevin martini steer paid buydown winter 2022 martini buyer guide
FREE BUYDOWN CALCULATOR

In most markets in North Carolina, especially in the Triangle, homebuyers will find that sellers are more willing to negotiate on price or other terms more than they have been in recent years.

Logan Martini, Raleigh Mortgage Broker & Senior Mortgage Strategist

5 traps to avoid when buying a home

raleigh mortgage broker logan martini winter 2022 martini buyer guide 5 traps to avoid when buying home 1 of 3
  1. Home shopping before a solid mortgage approval.
  2. Not considering the costs of sale.
  3. Overlooking the costs of improvements, utilities and maintenance.
  4. Using the wrong down payment strategy.
  5. Shopping for a mortgage vs. shopping for the right mortgage professional.
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Top reasons to own your home!

  • Personal Expression
  • Accomplishment
  • Investment
  • Comfort
  • Family
  • Community
  • Privacy
  • Stability

The non-financial benefits of homeownership

While you could see less competition and more room for negotiation, you may be wondering if now’s the best time to buy a home given Raleigh mortgage rates are higher than they were last year. While the financial aspects are important to consider, there are also powerful non-financial reasons it may make sense to become a homeowner. See the full article on page 16 of the Winter 2022 edition of the Martini Buyer Guide.

Things to avoid after applying for a mortgage!

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Why buying a home makes better sense than renting

If there is a time to rent, that time is not now.

Kevin Martini, Certified Mortgage Advisor and Raleigh Mortgage Broker

The long-term benefit of homeownership

Consider this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how you gain equity and wealth as home values grow with time.

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Things to Know and Consider when Buying a Home (Martini Buyer Guide Winter 2022)Download

Let’s chat…

I’m sure you have questions and thoughts about securing the proper mortgage with the lowest cost of borrowing and real estate process.

We’d love to talk with you about what you’ve read in the Winter 2022 Edition of the Martini Buyer Guide and help you on the path to buying your new home. Our number is (919) 238-4934 and we look forward to working with you.

logan martini raleigh mortgage lender with martini mortgage group 2

Logan Martini

Senior Mortgage Strategist | NMLS 1591485

Logan@MartiniMortgageGroup.com

    kevin martini best raleigh mortgage broker

    Kevin Martini

    Certified Mortgage Advisor | NMLS 143962

    Kevin@MartiniMortgageGroup.com

      Filed Under: 2-1 Buydown, Affordability, Agency Loan, Appreciation, Buy a Home, buydown, Buydowns, Conforming Loan, Conforming Loan Limits, Conventional Loan, Fannie Mae, Freddie Mac, Home Loan Rates, Home Loans, Home Values, Housing Market, Inflation, Kevin Martini, Loan Limits, Logan Martini, Martini Buyer Guide, Mortgage, Mortgage Rates, Raleigh, Real Estate, Things to Consider when Buying a Home Tagged With: Buying a Home in North Carolina, Kevin Martini, Logan Martini, Martini Buyer Guide, Martini Mortgage Group, MartiniBuyerGuide.com, North Carolina, Raleigh, Raleigh Mortgage, Raleigh Mortgage Broker, Raleigh Mortgage Lender, Raleigh Real Estate, Real Estate, Real Estate Tips, Things to know and consider when buying a home

      2023 Raleigh Conforming Loan Limits 

      November 30, 2022 by Kevin Martini

      The 2023 conforming loan limits for the Raleigh, North Carolina and the Triangle of North Carolina by the Federal Housing Finance Agency (FHFA) have been established. 2023 will bring a $79,000 increase in conforming loan limits for a one-unit property in Raleigh, North Carolina and surrounding areas.  The new 2023 conforming loan limit is $726,200.

      Higher conforming loan limits benefit both a homebuyers and homeowners too! For a homebuyers, it opens more price points with lower down payments  For homeowners, they can access more equity.

      kevin martini best raleigh mortgage broker

      Kevin Martini

      Raleigh Mortgage Broker & Certified Mortgage Advisor

      Benefits from the 2023 Loan Limit Increase

      BUY A HOME

      It may make sense for you to consider a new home purchase using the higher loan amounts. This may be the perfect time for you to lock in your interest rate before interest rates move higher.

      REFINANCE

      It may be worth it to consider a home loan refinance if:

      • You currently have a home loan that is near the loan limit
      • You’d like to make some home improvements
      • You’d like to consolidate other debts into your home loan (such as home equity loans or credit cards)
      • You’re paying mortgage insurance and your home has increased in value from the time when you purchased the home
      • You anticipate a change in your cash flow situation in the coming months (college funding, retirement, elder care, etc.)

      Raleigh, NC 2023 Conforming Loan Limits 

      One-Unit

      Two-Unit

      Three-Unit

      Four-Unit

      $726,200

      $929,850

      $1,123,900

      $1,396,800

      All cities and towns in Wake County to include Raleigh and Apex, Garner, Fuquay-Varina, Holly Springs, Knightdale, Morrisville, Roseville, Wendell, Zebulon.

      History of Conforming Loan Limits in Raleigh

      conforming loan limits in raleigh kevin martini 507 n blount st raleigh nc 27604 martini mortgage group raleigh mortgage broker

      What are conforming loan limits?

      Fannie Mae (a.k.a. Federal National Mortgage Association or FNMA) and Freddie Mac (a.k.a. Federal Home Loan Mortgage Corporation or FMCC) were created by Congress to provide liquidity, stability and affordability to the mortgage markets.  Both Fannie Mae and Freddie Mac are government-sponsored entities not lenders instead, they offer access to funds and guarantees.

      Loans guaranteed by Fannie Mae or Fredie Mac are commonly referred to as conforming loans since they conform to the Fannie Mae and Freddie Mac guidelines. Conforming loans are also referred to as agency or conventional loans.

      Housing and Economic Recovery Act (HERA)

      In response to events of 2008, HERA was a piece of legislation that requires a baseline conforming loan limit to be adjusted annually to properly reflect the changes in average home prices using data from the last four quarters from the FHFA House Price Index (a.k.a.FHFA HPI).

      According to the most recent FHFA HPI, home price rose on average 12.4% from the third quarter of 2021 to the third quarter of 2022. In North Carolina, home prices rose 17.4%. The Raleigh – Cary metro area had a 16.7% year-over-year change and is ranked #18 of 100 top metros.

      Be ready to make you move

      Let’s connect so you can understand how higher conforming loan limits can help you and your family.

      Filed Under: Agency Loan, Conforming Loan, Conforming Loan Limits, Conventional Loan, Fannie Mae, FHFA, Freddie Mac, Kevin Martini, Loan Limits, Logan Martini Tagged With: 2023 Conforming Loan Limits, 2023 Fannie Mae Loan Limits, 2023 Freddie Mac Loan Limits, Kevin Martini, Logan Martini, North Carolina, Raleigh, Raleigh Mortgage Broker, Raleigh Mortgage Lender

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        Martini Mortgage Group at Gold Star Mortgage Financial Group, Corporation | NMLS # 3446 | For licensing information go to: www.nmlsConsumerAccess.org and/or www.GoldStarFinancial.com Please review our Disclosures & Licensing information | Gold Star Mortgage Financial Group Corporation has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency. Equal Housing Lender. For further information about Gold Star Mortgage Financial Group, Corporation, please visit our website at www.GoldStarFinancial.com. Receipt of application does not represent an approval for financing or interest rate guarantee. Applicant subject to credit, acceptable appraisal, title, and underwriting approval. Not all applicants will be approved. Other terms and conditions apply. Contact Gold Star Mortgage Financial Group, Corporation for more information and up-to-date rates.

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