Family Opportunity Mortgage Overview

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Family Opportunity Mortgage: What it is and how it works

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The Family Opportunity Mortgage program lets you purchase a home for an eligible elderly family member or an adult child who is in school, has a disability, or cannot work.

The FOM gives the benefits of a primary residence loan without requiring that you, the owner, live in the house.

The government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac insure Family Opportunity Mortgages.

An FOM is not a separate loan program.

It is a primary residence loan with a unique occupancy classification, where the property owner and occupant are different people.

Since Fannie Mae and Freddie Mac insure FOMs, you’ll likely find them with mortgage lenders who offer FMA products.

When you apply, specify that an eligible family member will live in the home instead of you.

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