FHA Kiddie Condo Loans
Is there really such a thing as a “kiddie condo loan”?
The FHA kiddie condo loan is a great option for college students or those seeking a loan program that will allow them to have co-borrowers. Basically what this loan program does is allow blood relatives to co-borrow on an FHA loan, which is why this is so appealing to college students. The college students (generally little to no established credit) can use their parents’s credit as co-borrowers to use on a property for the school year. This program also can be very useful for relocating after a divorce. Here are some general considerations if you are thinking about taking out a kiddie condo loan.
Kiddie Condo Loan Guidelines
While this program is super easy to use, there are quite a few guidelines that must be observed by the borrowers. Along with the previously stipulation mentioned of the co-borrowers being blood relatives, at least one of the co-borrowers must be actually living in the property. The kiddie condo loan is a great tool for homebuyers at many different stages in life and the guidelines are very simple to operate within.
FHA Kiddie Condo Loan Lenders
While the kiddie condo loan program is unique in many ways, it really is no different than regular FHA loan. Choosing the right lender is extremely important (as it is for every mortgage). But due to the unique guidelines of this loan program it is very important that a qualified lender is chosen. The kiddie condo loan is not new, but mortgage regulations can change rapidly and a knowledgeable lender will know how to best adapt to any regulatory changes. Having an unqualified lender can also cost you a great deal of money throughout the loan process, which only highlights why you should always get a free rate quote from a lender before working with them!
Kiddie Condo Loan Interest Rates
The rates for a kiddie condo loan can be as low as 3%! Getting the best rates on your loan can also be very dependent on the quality and knowledge of the lender you choose. One important thing to consider about this program is that 96.5% is the maximum amount of financing on a single family unit that can be received. Along with that, of the co-signers, whoever is making the actual payments on the mortgage with be the borrow who is able to receive the tax reduction.
Get The Best Deal
The kiddie condo loan program is an extremely popular option with college students, yet borrowers can get creative with ways to implement this program. While the title does say “condo”, this actually means an single family unit and it is not only for college students! The kiddie condo loan program can ultimately help alleviated some significant financial burdens like the overwhelming expenses of college or any unforeseen financial predicaments. This program has a wide breadth of application and if you can meet the basic guidelines, then this is the could be the right loan program for you.
The simplest way to get the best deal on a kiddie condo loan is to shop multiple FHA approved lenders and get quotes. Getting a quote is free and easy and will help you make sure you are getting the best chance at following the guidelines and getting the best rate possible. Get started today and get a free quote on a kiddie condo loan.