If you have a son or daughter who is attending college – or about to attend college, it may make sense to look at buying a house or condo for their living situation rather than putting them in the dorms or renting an apartment that is close to campus.
There are quite a few deals on homes and condos near the ASU campus and one of the most popular loan programs parents use to buy these is the FHA kiddie condo loan program. The FHA kiddie condo loan program doesn’t really have anything to do with “kiddies” or “condos” – it is just a nickname for a regular FHA loan with a “non-occupying co-borrower”. Or, in plain English – you can be on the loan and not have to live in the property.
Highlights of The FHA Kiddie Condo Loan Program Include:
Because the FHA kiddie condo loan program allows non-occupant co-borrowers, many parents are choosing to buy a home with their “kiddie” planning on living in the property while in school.
The property is not considered to be a second home or an investment property. Because it is not considered a second home or investment property, the interest rates and loan options are the same as the regular Arizona FHA loan programs.
As an added bonus – the kiddie condo program also allows the occupant to charge rent to roommates!
With the FHA kiddie condo program, if used wisely… it can take just a little bit of the financial bite out of going to college.
Arizona Mortgage Rates For March 13 2009
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