Buying a Home for Elderly Parents ("Family Opportunity Mortgage"?)

Anonymous
I am starting to think about buying a home nearby for my parents. They are retired and live on Social Security, and do not have the means to purchase a decent home in this area on their assets/income alone.

I've heard that there is something called the Family Opportunity Mortgage which allows you to purchase a 2nd home and treat it as "owner-occupied" (lower rates and lower downpayment) if your elderly parents will reside in the home. Anyone know anything about this? Or where to look?
Anonymous
Yes - this is true and I know Fannie Mae allows for this (but you'd need to go through a mortgage broker). Your parents would need to be unable to qualify for the mortgage on their own. Call around to some mortgage brokers, someone will be able to give you more information.
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