To all my blog readers and subscribers, I always try to bring to you things of value and substance whether or not it came from me or another colleague in the real estate industry.
This is yet another one of those instances, Rebekah Radice, a mortgage loan originator with Benchmark Mortgage and a colleague of mine out of Colorado Springs, CO has some great and practical advise that I think anyone who owns a home and is considering selling your home or a prospectivehome buyer would benefit from. Rebekah has become a trusted source of information in regards to today’s mortgage industry and how it affects the consumer. Rebekah Radice is a frequent and welcomed contributor to my blog here at Tarrant Market Trends.
This information is especially worth sharing with all Dallas/Fort Worth, TX and Keller, TX parents with college age children.
With the cost of a college tuitions constantly on the rise, all parents with college age children need to look at various ways to cut cost in paying for their children's higher education. The FHA Kiddie Condo Loan program is a smart alternative to on campus dorm and apartment living cost. We work with local lenders who will explain all the ins and outs of the various financing programs to Northeast Tarrant County Home Buyers.
To your success,
John Hrisco of John Hrisco and Associates
PLEASE NOTE this is a National Program, not just a Colorado program.
p.s. please visit Rebekah's original blog post via the link below and tell her what a great job she did on the information provided.
As a parent of two college kids I know how expensive tuition, housing, meals, books and other miscellaneous costs can be. College isn’t cheap these days and the costs seem to mount every time you turn around. So what if there was a way to slash those costs and allow you to invest in your child’s future?
Say hello to an underused and unappreciated FHA (Federal Housing Association) program called the Kiddie Condo loan.
This option allows you to make an investment into your son or daughters future that will continue to pay dividends over time. It’s an excellent way to get your child on the road to home ownership without breaking the bank or your pocketbook.
FHA Kiddie Condo Program Details
The process of purchasing a home through the Kiddie Condo program is easy.
- Your son or daughter will apply for an FHA loan as the primary occupying borrower with you and/or your spouse qualifying as non-occupying co-borrowers. The assumption is that you will not be occupying the property with your child, but you are able to able to add your income and credit for qualifying purposes.
- Your child does not need a credit score so if they have yet to establish credit don’t worry. As long as you or your spouse has established credit scores, that will suffice.
- The down payment is 3.5% just as it is on a standard FHA loan rather than the 20% required on an investment property.
- The down payment can be a gift from a family member.
- There is no increase to the interest rate. Your rate will be the same low rate offered to any other FHA home buyer.
- While you can purchase a condominium, you can also purchase a townhome, single family residence or any other type of property insured by FHA with the Kiddie Condo FHA loan.
- Friends of your son or daughter are able to live in and rent a portion of the home as long as your child occupies the home as their primary residence.
- An added benefit of the Kiddie Condo loan is that it assists in building your child’s credit score as long as monthly payments are made on time. Since payment history is a significant portion of your credit score; timely monthly mortgage payments builds credit quickly.
What better gift to give to your son or daughter as they head off to college than home ownership? With a low down payment and excellent interest rates, an FHA kiddie condo loan is a fantastic alternative to the high cost of living on campus.
If you are a first time home buyer or a parent interested in qualifying for an FHA Kiddie Condo Home Loan, call us today. Your first step is home loan pre-approval so you can confidently write an offer on a Colorado Springs home that you know you are qualified to purchase!
FHA Kiddie Condo Loan is Too Cool for School was written by Rebekah Radice.
Want to know more about me? Just Google Me!
T: 719.387.1368 | Email: rebekah@rebekahradice.com | Website: http://rebekahradice.com |CO & NMLS Licensee: LMB100010938 & 288596 | Benchmark Mortgage dba Ark-La-Tek Financial Services, LLC | 12 E. Kiowa |Colorado Springs, CO 80903
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John Hrisco & Associates: When experience counts, the sign you want, the agent you need. Licensed Texas Real Estate Broker #0480703, with over 13+ years experience buying & selling real estate in the D/FW Metroplex. Integrity, Professionalism, Results & Charity is our Mantra. It is how we go about our lives and our business. We undertake a specialized set of tasks and orchestrate them with uncommon skills. Whether you are buying, selling, or investing in real estate, if you are not doing business with John Hrisco & Associates, you are losing money.
servicing the Dallas/Fort Worth Metroplex: including Northeast Tarrant County, Ft. Worth, Keller, Southlake, Colleyville, Grapevine, Haslet, Trophy Club, Roanoke, Westlake, NRH & Surrounding areas
John Hrisco & Associates
RE/MAX Heritage
4200 Heritage Trace Pkwy., Ste. 100
Ft. Worth/Keller, TX 76248
