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Atlanta City Living - The Best in City Living!
COLLEGE STUDENTS AND THEIR PARENTS:
Did you know there are special loans available for parents and their college student children? The FHA has a special program that might be able to help you, as follows:
FHA Kiddie Condo's:
A great way for young adults to get started buying their first home is by using the FHA "Kiddie" Condo Loan Program. This type of mortgage allows a person to co-borrow with a blood relative (eg. parent, grandparent, sibling, etc.) who helps qualify for the loan using their income or assets. Both borrowers take title to the property and sign for the loan.
There are three big advantages to using this type of loan.
1. A low down payment (as little as 3% of the purchase price).
2. A lower, owner-occupied interest rate on the mortgage vs. the higher investment property interest rate.
3. Helps the new borrower establish a solid credit rating.
With a Kiddie Condo loan program, at least one borrower must occupy the property as his/her primary residence, but extra bedrooms could be rented out to help cover the cost of the mortgage payments. This is a perfect way for a college student, recent graduate, or anyone unable to obtain a loan on his/her own to buy a condo or townhome or single family home with the help of a family member. To apply for a loan, visit: http://www.fhainfo.com/applyforloan.htm.
The tax benefits, such as deducting mortgage interest and real estate taxes on a Federal Income Tax return, can be divided among the owners, according to who pays the expense. See your tax advisor for details.
If you are looking for properties for your college son/daughter, check out these areas:
Foreclosures: http://www.atlantacityliving.com/FORECLOSURES!.php
All Listings: http://atlantacityliving.com/?pgcnfID=437
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