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Kiddie Condo Loan in Tuscaloosa AL
Kiddie Condo Loan in Tuscaloosa AL
Or a house.  Do not let the name fool you.
The Federal Housing Administration (FHA) allows parents to buy a home that their child can live in during their college years.
Search for homes within two miles of The University of Alabama.
The Benefits of the Kiddie Condo Loan in Tuscaloosa AL:
Rent can be collected from the child’s roommates. The down payment is 3.5%. Parents receive the benefits of an owner-occupied loan program, such as low down payment (3.5%) and low interest rates (owner-occupied rates, not second home or investor rates, which are higher).  The parents are acting as a "non-occupied" cosigner. The child can build credit with mortgage payments. The Requirements of the Kiddie Condo Loan in Tuscaloosa AL:
Condominiums must meet a certain owner/tenant occupancy ratio to qualify.  Remember, houses qualify, too, and are not subject to a ratio. The child has to live in the home.  However, the child does not have to be a college student.  You can also purchase a home for your child to help them build credit. FHA loan requirements apply, and the child's credit and income history will be required. ... more

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