Home Buying in Columbus>Question Details

Ficatier, Renter in Columbus, OH

i was told about a program called kiddie condo but i keep hearing that you have to be college aged?but what are the requirements for this program

Asked by Ficatier, Columbus, OH Thu Nov 29, 2012

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Julie A. Horvath’s answer
Hi!
FHA is the main outlet for this type of program, but Fannie Mae also has an outlet for this type of financing as well. Please feel free to give me a call and I would be happy to discuss your mortgage financing options with you.
Julie A. Horvath
740.602.3320
NMLS ID: 563029
1 vote Thank Flag Link Fri Feb 8, 2013
This is a very good program and it get's it's name because it allows a close family member who will not be occupying the property to be on the loan. This is most common for someone buying their first home/condo and is often used by parents who don't want to pay for dorms/apartments for their college aged children. I have several lenders that I work with that are very comfortable with this program. Please let me know if I can be of assistance.
0 votes Thank Flag Link Fri Nov 30, 2012
You do not have to be college aged. It is an FHA loan program that allows a person to co-borrow w/a blood relative who helps qualify for a loan using their assests &/or income. Both borrowers take title & one has to live in the property as their primary residence.
I belive this loan got it's name because many parents would ny a condo for their college aged kids while thay attened school and not have to finance the property as an investment with higher down payments & interest rates.
0 votes Thank Flag Link Thu Nov 29, 2012
do you have to be in college to get this loan
Flag Thu Nov 29, 2012
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