Did you know Conventional loans allow for occupancy exceptions in certain circumstances? Occupancy exceptions can be made for borrowers buying a home for a child or parent to qualify with owner-occupied terms. Lower down-payment requirements and preferred pricing are just a few benefits of owner-occupied financing.
According to Lumen Mortgage, there has been a spike in the number of borrowers wanting to help provide housing for their family members: Children wanting to provide housing for aging parents, parents wanting to provide housing for adult children, and even extended family or friends wanting to help someone they know to buy a home.
Non-occupant co-borrowers can help occupant borrowers qualify for financing when the occupant’s income is not enough.
Mortgage Market
The average 30-year fixed mortgage rate increased by a quarter percent over the past month. The next Fed meeting begins on the 19th when another rate hike may occur.
Average Rates (as of September 1st, 2023)
Residential 30-Year @ 7.18%
Multifamily 5/30 @ 6.72%
Agricultural 25-Year @ 6.95%
Lumen Mortgage has a full spectrum of financing for Residential, Multifamily, and Agricultural properties.