Recently Closed - MultiGenerational Living in Meadowbrook, PA
A little while back I got a call from a Realtor that I've worked with for years in Montgomery County, PA. We first met back in 2007 and have worked on many transactions with each other over the years. For years, she and her parents have toyed with the idea of multigenerational living as her parents reached retirement age and enjoyed spending as much time as possible with their grandchildren. This year, they were finally ready to make the leap, so she called me to see what mortgage options we had available.
In the area they were looking, price ranges indicated that we'd need to pursue a jumbo mortgage. Thankfully my clients had great credit and a decent down payment, so we were able to get a great 30 year fixed rate product locked in for them. Unlike conventional and FHA loans, Jumbo loans have very variable terms from lender to lender and program to program - excellent credit and amount of down payment money play a huge role in getting the best possible rate.
As expected, our clients were excellent along the way when it came to returning documents quickly and responding to underwriting conditions. Because of that, we were able to get the loan file clear to close in advance of settlement day and closing disclosures and documents were waiting at the title office in advance of closing day.
The best part of this loan process is that now that things are settled and keys have been transferred, grandparents will get to enjoy tons of quality time with their grandchildren, and since it's almost summertime, the family will all get to enjoy their huge new yard and gorgeous swimming pool in the backyard. Multigenerational living is becoming a very popular way of doing things, as families want to stay close, and with more & more households with 2 working parents, having grandparents to help is a huge improvement in quality of life. To accommodate a larger number of people in a household, larger homes with some land are often the best fit for mutigenerational living, and jumbo loans are frequently the best mortgage fit.
As multigenerational living becomes more common, it's important to know there are loan options that can help accommodate the goal of purchasing a larger (and potentially more expensive) space, or even a multi-unit. For this Pennsylvania family, we were able to offer the right product and a smooth loan process so they could focus on what was important - moving 3 generations of family into one home.