Kiddie Condo Loan in Tuscaloosa AL

By
Real Estate Agent with Beth Spradley, LLC

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.
Posted by

 

Beth Spradley, Broker Associate

BHHS Florida Properties Group

1560 Gulf Boulevard

Indian Rocks Beach, FL 33785

Cell (727) 409-9438

Office (727) 451-7699

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Alabama Tuscaloosa County Tuscaloosa University Of Alabama
Tags:
student housing
consumer advice
fha kiddie condo
tuscaloosa al

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,332,035
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Beth, Kiddie condos are a great idea especially for kids in college.  Lots of parents doing that around here...just makes sense.

Jun 25, 2012 09:42 AM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
61,634

Beth Spradley

Selling Homes & Investments in Florida and Alabama
Ask Me a Question!
*
*
*
*
Spam prevention

Additional Information