Many of us are aware of the ludicrous prices for rental properties in college towns. Today, we’re offering a solution to those outrageous rental prices: Kiddie Condo Loans.
The Kiddie Condo Loan is a program initiated and offered by the FHA. Kiddie Condos, which are not necessarily condos, are loans available to parents of young adults who are looking for an option outside of renting in costly college towns. Although, there is a common misconception as Kiddie Condos are not solely designed for young adults or sons and daughters. They are available for individuals of any age looking to assist someone in owning a home. The program is designed to provide a way to help individuals purchase their first homes.
One of the most beneficial aspects of this program is the cost benefit Kiddie Condos allow you if utilizing them for a young adult. As opposed to money spent on rent which you’ll never see again, Kiddie Condos allow parents and their children to work towards home ownership. Additionally, only 3% is required as a down payment on your home. In addition to all of these benefits, your son or daughter is able to live in the home during this time. If you have a loved one or someone in need of housing assistance get in touch with one of our lenders today to see how a Kiddie Condo can work for you!