Buying your first home is a big commitment. With a Kiddie Condo Loan parents can help their young adult children purchase a condo, townhome, single family or multi-unit home to live in while attending college.
Learn the benefits and requirements for this type of loan below.
- Help your college student work towards homeownership instead of paying rent
- Rent out rooms to help pay for mortgage
- Opportunity to build good credit
- Only 3.5% down required for rental property (typically 20% down)
- Low interest rates & fees
- Tax benefits for parents
- One of the borrowers is required to live in the property as their primary residence (college student or family member)
- 3.5% downpayment
- Properties with up to four units
- Mortgage Insurance
Have questions and interested in finding out more? Contact one of our experienced Mortgage Advisors today.