Kiddie condo loan guidelines and requirements
KIDDIECONDOLOANS.COM LENDER HOTLINE: 888-581-5008 GENERAL GUIDELINES FHA credit underwriting standards MUST be met by every person who signs the loan. Every person on the loan is responsible for full repayment. Credit score guidelines will be set by the lender and must be met by each person to be included on the loan. Those applying are limited to only one 30-day delinquent payments to outside creditors. Those applying must also have no accounts in collections, not including medical bills within the past year. Borrowers and co-borrowers must be related by blood, marriage, or law or the LTV will be less for a property with 2-4 units. Whoever has the lowest credit score between the borrowers is the one used for the loan application. Co-signer’s income must be enough to cover their own financial responsibility as well as the new mortgage. KIDDIE CONDO LOAN BENEFITS Another great benefit to the kiddie condo loan, it that it allows the borrower to have roommates and an even better benefit is you can charge that roommate rent! This is another great way to alleviate some of the financial struggles a college student might face. Alongside college students having to manage their independence, they also get the chance to act as a landlord which can be a great learning experience for them.
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Kiddie condo loan guidelines and requirements
- 1. Kiddie Condo LoanGUIDELINES AND REQUIREMENTS KIDDIECONDOLOANS.COM LENDER HOTLINE: 888-581-5008
- 2. FHA credit underwriting standards MUST be met by every person who signs the loan. 01 Every person on the loan is responsible for full repayment. 02 Credit score guidelines will be set by the lender and must be met by each person to be included on the loan. 03 GENERAL G U I D E L I N E S KIDDIECONDOLOANS.COM LENDER HOTLINE: 888-581-5008
- 3. Those applying must also have no accounts in collections, not including medical bills within the past year. 04 Borrowers and co- borrowers must be related by blood, marriage, or law or the LTV will be less for a property with 2-4 units. 05 Co-signer’s income must be enough to cover their own financial responsibility as well as the new mortgage. 06 GENERAL G U I D E L I N E S KIDDIECONDOLOANS.COM LENDER HOTLINE: 888-581-5008
- 4. KIDDIE CONDO LOAN BENEFITS Another great benefit to the kiddie condo loan, it that it allows the borrower to have roommates and an even better benefit is you can charge that roommate rent! This is another great way to alleviate some of the financial struggles a college student might face. Alongside college students having to manage their independence, they also get the chance to act as a landlord which can be a great learning experience for them. KIDDIECONDOLOANS.COM LENDER HOTLINE: 888-581-5008
- 5. K I D D I E C O N D O L O A N S . C O M L E N D E R H O T L I N E : 8 8 8 - 5 8 1 - 5 0 0 8 C L I C K H E R E T O L E A R N M O R E K C KIDDIECONDOLOANS.COM LENDER HOTLINE: 888-581-5008
- 6. Justin McHood is Americas Mortgage Commentator and has been providing Mortgage commentary for over 10 years. MORTGAGE COMMENTATOR INFORMATION PROVIDED BY: Justin McHood KIDDIECONDOLOANS.COM LENDER HOTLINE: 888-581-5008
- 7. L E A R N M O R E A B O U T M O R T G A G E C O M M E N T A T O R : O N L I N E F A C E B O O K L E N D E R H O T L I N E T W I T T E R MORTGAGECOMMENTATOR.COM FACEBOOK.COM/MORTGAGECOMMENTATOR @MORTGAGECOM_ 888-581-5008 KIDDIECONDOLOANS.COM LENDER HOTLINE: 888-581-5008