Family Opportunity Mortgage

[James Thompson]

Anyone has experience with this loan? Secondly can it be used for a child going to college in another city or not? Thanks!

[Sasha Mohammed]

disclaimer: I have written a very small number of these in CA. guidelines may have changed since, i would recommend you reach out to someone licensed to do these in your state. 

From my understanding, your child could buy property/ hold mortgage for you to live in. As a parent to do this for a child, it is only acceptable if the child has a documented disability which prevents them from being able to work/ earn income.

if parent/borrower is in one state and the child is in another state, i don't think this is an issue. But you'll need to make sure the Loan Pro is licensed in the state of the subject property. 

[John Burke]

Quote from @James Thompson:

Anyone has experience with this loan? Secondly can it be used for a child going to college in another city or not? Thanks!

As Sasha said, it's only an option if your child is disabled. With that said, you could run it with you as a non-occupying co-borrower and go either FHA or conventional.
Here's the FNMA guidelines for the HOM.