What are Kiddie Condos?

You may be aware of the ludicrous prices for rental properties in college towns. Today we’re discussing a solution to outrageous rental prices or unreasonable home costs: Kiddie Condo Loans.

Kiddie Condo Loans were programs initiated and offered by the FHA. Kiddie Condos are loans available to parents of young adults who are looking for an option outside of renting in costly college towns. Although, Kiddie Condos are not strictly designed for young adults or sons and daughters. They are available for individuals of any age looking either to assist someone in owning a home or to work towards owning a home themself. The program is designed to provide a method for helping individuals purchase their first homes or to help someone improve their credit.

A beneficial aspect of this program is the cost benefit Kiddie Condos allow you if utilizing them for a young adult. Kiddie Condos allow parents and their children to work towards home ownership, as opposed to money spent on rent which you’ll never see again. Additionally, only 3% is required as a down payment on your home. In addition to these benefits, your son, daughter or any family member 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!