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"Kiddie Condo" FHA loans aka Non-Occupant Co-Borrower Loans - What are they?
Are you always looking for a great investment? Do you have any kids going to college or in college? Well, don't let the picture to your right scare you. Just that many of us can relate to the movie Animal House and John Belushi. That is not what college is about. But how about another way to help pay for your kids education? So, what is a Kiddie Condo loan? It's your basic FHA loan that allows for a non-occupant co-borrower to help someone to purchase a home. The co-borrowers that will not be living in the home must be a family member/relative. Why the term condo? Just that condos in many college area where very affordable. But in my opinion, which I will show later, a 3 or 4 bedroom house would be a much better investment. Especially for the fact that you can usually get into the home with little or no money out of pocket. Again, I will explain this below. As mentioned, college can be very expensive. I am going to use some basic numbers that won't apply in every college town or will be the same expense for a dorm room or an ... more
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