FAQ
Questions families ask.
The four questions on the homepage, expanded, plus more that come up while buyers and parents are figuring this out together.
About FamilyBacked
Is this a normal mortgage?
Yes. It's a normal mortgage, with you as the borrower, underwritten the standard way. Family support comes in as a gift, which mortgages already allow. If your family also wants to share in the home's value, that's a separate agreement between you and them, and it doesn't touch the loan.
Are you a lender or a broker?
We're a broker. That means we arrange your mortgage with a lender we work with, rather than funding the loan ourselves. The advantage is we can match the right loan to your situation; the loan itself is a standard conforming mortgage.
Where are you licensed?
Texas and Colorado today, with more states being added. If you live somewhere we're not yet licensed, you can still explore your range. We'll let you know if and when we can work with you in your state.
For buyers
Do I need to involve my family?
No. If a family contribution doesn't make sense for your situation, you can still get a mortgage through us. We work like any other broker. The family-help part is what makes us different, not a requirement.
Will this affect my credit score?
The intake doesn't pull credit, so exploring your range has no impact on your score. A formal credit check only happens later, after you decide you want to proceed with an application, and we'll tell you before it happens.
How long does the process take?
The early steps (seeing your range, exploring scenarios) take as long as you want; most people do it in an evening. The mortgage itself, once you formally apply, follows standard timelines for a conforming loan: typically 30 to 45 days to close.
What if I'm not sure I'm ready?
Then the intake is for you. It gives you an early picture of what's possible, including "not yet" if that's the honest answer. There's no commitment to apply, and we don't share your information with anyone.
For families
Do my parents own part of the home?
It's your home. You live there, and you decide if and when to sell or refinance. Your parents don't get a say in any of that. With a structured contribution they're listed as owners alongside you, but their stake is a share of the home's value over time, not control over it.
What if my parents want their money back?
Your parents can't force you to sell. But if they need their money back, you have options, usually selling or refinancing when the time is right for you. The terms are set in your agreement up front, so nothing depends on a handshake.
What happens when I sell?
You sell like any homeowner. With a structured contribution, your family gets their share and you get yours, divided the way you agreed up front.
Are there tax implications for family members?
There can be, both for one-time gifts and for structured contributions. The specifics depend on the amount, the family member's situation, and current tax law, so this is one to talk through with your accountant or tax advisor before deciding the structure.
What if my family lives in a different state?
That's fine. Family contributions don't depend on where the contributors live. The mortgage is tied to the state where you're buying, but the family side is a private arrangement that works the same way regardless of geography.