Allied Mortgage Group is pleased to announce the Family Mortgage program. This program is to assist parents looking to provide a residence for their college-bound or disabled adult child without the expense associated with purchasing an investment property.

Additionally, adult children can obtain mortgage financing for elderly parents who are unable to qualify for a mortgage of their own.

Program Benefits

• Allows parents to finance a single-family second home residence for their college-bound child (also known as a "kiddie condo")

• Offers the opportunity for established children to obtain mortgage financing for their elderly parents

• Allows parents to obtain mortgage financing for their physically handicapped or developmentally disabled adult children

• Child must be enrolled in college (documentation validating current enrollment is required).

• Subject property must be within a reasonable proximity to the university or college that the child is attending.

• Property must be a reasonable distance from the parent's home in order to be classified as a true second home. The subject property can provide the parents a place to stay while visiting the campus, but it will be the child's primary residence.

• Property cannot be rented and it must be occupied by the child for a minimum of one year.

• Borrowers may not own additional second/vacation homes in the same locale.

• A letter from the borrower describing the purpose is required.

• Property must be registered, underwritten, and priced as a second/vacation home.

• Parents will apply and qualify for the loan. The child is not an applicant and does not factor into qualifying for the mortgage.

• Parents own the property. If the child is of legal age, the child may join the parents on the title, but it is not required.

• Elderly parents must be unable to work or not have sufficient income to qualify for a mortgage on their own. The adult child must provide a letter of explanation outlining the intent to purchase a home for elderly parents who are financially limited.

• The parent(s) will occupy the subject property as their primary residence.

• The adult child may already own his or her own primary residence.

• Assisting an Elderly Parent has no distance requirements

Apply today to qualify!