Kiddie Condo Loans with FHA
In Arizona, the FHA kiddie condo program is a popular option with Arizona parents who have kids going to college. The FHA kiddie condo program is really just a regular FHA loan with a nickname – mainly because it is used for these college-aged-kids situations.
It doesn’t have anything to do with “kiddies”.
It doesn’t have anything to do with “condos”.
The term “kiddie condo” is just a nickname.
Highlights of The FHA Kiddie Condo Loan Program Include:
It allows non-occupant co-borrowers — which means that parents can purchase a condo using their credit and their income but are not required to live in the property – only the co-borrower is required to live in the property.
The property is not considered to be a second home or an investment property. Because it is not considered a second home or investment property, the rates are the same as the regular Arizona FHA loan programs.
The kiddie condo program also allows the occupant to charge rent to roommates!
With the FHA kiddie condo program, if used wisely… it can take just a little bit of the financial bite out of going to college.
Geting The Best Deal
The easiest way to get the best deal on a FHA kiddie condo loan is to shop multiple FHA lenders and see who has the best deal. Of course, they won’t tell you that – but by shopping multiple lenders, you are going to be getting the very best deal and the lowest possible rates. Here are just a few lenders who offer mortgages – get started by getting multiple quotes today!