active 55: Kiddie Condos are Not Just for Kiddies!
- 07/20/08 08:47 AM
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)
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