I was just asked to refer a friend to a Realtor in another state, where their daughter will be attending nursing school. Well, it just so happens that her school is located in Arizona, and apparently "sticker shock" is alive and well. But, during the course of finding her an agent and their talking to other students and families, I learned about FHA Kiddie Condo loans. Since recent postings have included opinions about realtor's having a good grip on what loan products are available, and knowing their client's qualifications, this whole Kiddie Condo deal fits right in. For all purposes this sounds like a great way for a student to get into housing, helps the co-signers with tax breaks and down payments, and if school housing is scarce, why not make the investment? I have a kid in college too, in an area where "sticker shock" is like totally normal!
THREE BIG ADVANTAGES of using the FHA Kiddie Condo product according to Cherie Kesti of Windermere Mortgage (ckesti@windermere.com) are:
**low down payment (3% of purchase price)
**lower owner-occupied interest rate vs higher investor property interest rate
**helps new borrowers establish good, solid credit
...and more.
Please let me know if you have used this product and what you think! Thanks. (My first blog)
Comments(1)