FHA Kiddie Condo Program
FHA Kiddie Condo Program
If you are a parent, FHA has made it easier for you to help your son or daughter purchase a new home. Instead of paying rent on an apartment, your son or daughter may be eligible to purchase an FHA eligible property (single family residence, townhome, or condo, etc.) with the assistance of his or her parent(s). Furthermore, your son or daughter does not need a job or sufficient funds in his or her bank account for the down payment. The parents, however, must have sufficient credit, income, and funds to pay the closing costs and down payment but they do not have to live in the property. Finally, this program is available to borrowers, other than parents, related by blood (siblings, aunts & uncles, etc.), or for unrelated individuals that can document evidence of a family-type longstanding and substantial relationship not arising out of the loan transaction.
If you are a parent, FHA has made it easier for you to help your son or daughter purchase a new home. Instead of paying rent on an apartment, your son or daughter may be eligible to purchase an FHA eligible property (single family residence, townhome, or condo, etc.) with the assistance of his or her parent(s). Furthermore, your son or daughter does not need a job or sufficient funds in his or her bank account for the down payment. The parents, however, must have sufficient credit, income, and funds to pay the closing costs and down payment but they do not have to live in the property. Finally, this program is available to borrowers, other than parents, related by blood (siblings, aunts & uncles, etc.), or for unrelated individuals that can document evidence of a family-type longstanding and substantial relationship not arising out of the loan transaction.
Quick Quote
