Trying to figure out occupancy to avoid high interest

Typically, Fannie Mae will allow it to be a primary if the grandparent cannot qualify and grandson is purchasing for the grandfather as his primary. Primary housing financing is always the lowest rate. Any other occupancy will be higher.

Hi Regine499 - It does not matter that the grandson has a loan with Freddie Mac, the Fannie Mae guidelines are as follows: Children wanting to provide housing for parents:If the parent is unable to work or does not have sufficient income to qualify for a mortgage on their own, the child is considered the owner/occupant. | John Burke | Senior Mortgage Banker | Lending in ALL 50 states | www.yourtexasmortgagelender.com|Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |

Most Loan Officers are not aware of this loan option, but you can easily do this as an owner occupied transaction with Fannie Mae when they are buying housing for a parent who would otherwise not qualify on their own. I've done many of these over the years. I also think you may be getting a little bit of bad information. Reach out to a local mortgage broker in Florida. They should be fine. I lend for homes in MN, WI, IA, ND, and SD. Find me at JoeMetzler.com | Cambria Mortgage | NMLS 274132