College Student Bound for Honolulu? Buy A Condo!
August 19th, 2008 categories: Honolulu Real Estate 101, Rants & Riffs
Consider using your room and board to buy a condo, instead of sending to the college! Why not use that money to invest in real estate? The FHA has created a loan program for this very purpose. Wells Fargo Home Loan calls it the “Kiddy Condo” loan.
Here is an overview.
•Down payment-2.25% ($2,250 for every $100,000).
•Your son or daughter must live in the apartment.
•The student need not have income or credit.
•Standard FHA rates and terms will apply.
•The unit must be located near a college campus.
•The condo must be FHA approved and have at least 51% owner occupancy.
(This information was taken from a flyer provided by Well Fargo Home Mortgage)
Call me if you would like to find a building that will meet these requirements. I can be reached at 808-737-2093.
Today’s picture is of Aloha Tower Market Place.
This is great, much-needed advice. I knew a few people in college whose families bought them condos. It worked out extremely well for them.
If your kids are responsible and you have the capital, it’s really the only way to go. If they are not responsible, then perhaps not. Either way, great post.