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fha loan: Kiddie Condos are Not Just for Kiddies! - 07/20/08 03:47 PM

Kiddie Condo Loans refer to a FHA provision that allows for non-occupying co-borrowers.  Parents like us, with kids in college, come out a LOT better owning a unit with the student, and renting it back out.  We've done many of these for our friends - and most of them were NOT condo units.  It's just an industry slang term for the loan that only requires a minimal invstment (less than 5% normally covers all costs), and does not require the student to be employed full time - or have a credit score established.
We used this program for a family … (3 comments)

fha loan: Getting the Lowest Payment - 04/14/08 12:46 PM

When clients contact us  they are usually looking for the lowest monthly payment - or the easiest way to get into the property with the least amount of money tied up in the transaction.
Most prospects only ask one question... "What's your rate???"  In truth, there are MANY other questions to ask!
One of the variables consumers should ask more about it Mortgage Insurance.  There are multiple forms of Conventional Mortgage Insurance - running from Lender Paid, to Financed to Monthly.  If you are purchasing in NC Conventional lending currrently requires PMI if you have less than 20% equity in … (4 comments)

 
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Eleanor Thorne 919-649-5057 Cary Mortgage Loans

Cary, NC

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Steve Thorne NC Mortgage Experts

Address: 111 Corning Road, Suite 230, Cary, NC, 27518

Office Phone: (919) 649-5058

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