Must have info for the parent of a college student!

As a parent, you always have your child’s best interest in mind. You want to provide for your child as well as teach him or her valuable life lessons. You already know that home ownership is the best (and biggest) investment someone can make. Here’s valuable information to help you give your child a huge jumpstart in the home ownership game.

Let me introduce you to the FHA “Kiddie Condo” loan program (this is simply a nickname – the program is not just for kids or condos). In a nutshell, this is an under-used mortgage program that allows you, as a parent, to help your college student qualify for their first home loan. There are several benefits to this program:

• Single-family detached homes, townhouses, and other residential properties may qualify not just condos
• Students can use their parent’s income/assets to help qualify for the loan
• Low down payment (typically 3% rather than 20% like most investment property loans)
• Lower interest rate (FHA rates rather than investment, commercial, or conventional bank rates)
• Your child’s credit rating is positively impacted when the mortgage is paid on time
• Tax deductions for the interest payments (consult your tax advisor for details)
• Extra bedrooms can be rented to friends or other students to help pay the mortgage or bills
• Best of all, no throwing away money on rent for 2-6 years!

For more information, for a lender recommendation, or to start looking for properties contact me today!