Through the Family Mortgage, young adults with limited resources can take advantage of their parents’ financial qualifications. The Family Mortgage is also an ideal vehicle for helping an elderly parent secure a new home. The co-borrower can be removed from the mortgage after five years for a small, fixed fee and after s/he has met certain other requirements, saving the member thousands in normal refinance closing costs.
“The Family Mortgage is a great solution for young adult members who want to buy their first homes, and would benefit from their parents’ assistance or appreciate the ability to avoid large down payments,” stated Bill White, VP of Real Estate Lending at NASA Federal Credit Union. “It’s also a great solution for adult children who have aging parents who would like to purchase homes, perhaps closer to their children, or downsize to avoid the maintenance.”
Like NASA Federal Credit Union’s other Zero Down, No PMI Mortgages, the Family Mortgage enables members to save thousands, while being able to pre-qualify online within 60 seconds and close on their mortgages within 30 days. For more information about the Family Mortgage, visit nasafcu.com/mortgagespecial.
About NASA Federal Credit Union: NASA Federal Credit Union is an innovative, national, not-for profit cooperative providing financial services for individuals, businesses and associations. Chartered in 1949, NASA Federal Credit Union serves the diverse needs of more than 95,000 members with a full array of financial services and the strength of over $1.3 billion in assets. Our core purpose is to empower people to achieve a brighter financial future by acting as their advocate and trusted advisor.