The Arizona FHA kiddie condo program is a popular option with parents who have kids going to college. The FHA kiddie condo program is really just a regular FHA loan with a nickname – mainly because it is used for these college-aged-kids situations.
- It doesn’t have anything to do with “kiddies”.
- It doesn’t have anything to do with “condos”.
- The term “kiddie condo” is just a nickname.
Highlights of The Arizona FHA Kiddie Condo Loan Program Include:
It allows non-occupant co-borrowers — which means that parents can purchase a condo using their credit and their income but are not required to live in the property – only the co-borrower is required to live in the property.
The property is not considered to be a second home or an investment property. Because it is not considered a second home or investment property, the Arizona mortgage rates are the same as the regular Arizona FHA loan programs.
The kiddie condo program also allows the occupant to charge rent to roommates!
With the FHA kiddie condo program, if used wisely… it can take just a little bit of the financial bite out of going to college.
