A divorce is an incredibly trying time on an individual and their family members. One of the most painstakingly parts of the divorce process is dividing up shared assets and determining future living situations. The kiddie condo loan will basically allow a blood relative to help acquire a property by co-signing on the loan. For those looking for a way to quickly relocate after a divorce and don’t have the immediate financial independence to do so, the kiddie condo loan might be the right fit.
- Easy to Apply
- Very Popular
- Designed for Multiple Borrowers
Easy to Apply
Choosing the right lender is absolutely crucial when looking into the possibility of a kiddie condo loan. The quality and knowledge of your lender can either save or cost you a lot of money down the road. Even though the kiddie condo loan program has been around for quite some time, after the 2008 housing meltdown, mortgage regulations can change on a moments notice. Having an experienced lender will make the process of taking out a kiddie condo loan much smoother. And always remember to get a rate quote before doing business with any lender!
The kiddie condo loan is generally used by college students and their parents when arranging the situation for students during the school year. This loan program allows for the property owner to also rent out the remaining space so it is a very desirable program for a college student. That being said, this program is not just for college students, the only stipulation is that the borrowers on the loan must be blood relatives. And don’t let the nickname deceive you, this loan can be used on single family units as well as condos.
Designed for Multiple Borrowers
As I previously said, the kiddie condo loan is specifically designed to allow blood relatives to co-sign on a single unit property. And while the kiddie condo loan is a great option for college students or recent divorcees, there is a specific set of guidelines that the borrowers must follow. As I’ve already said, the major stipulation of the loan program is that the borrowers must be blood relatives AND one of the borrowers must actually reside in the property. This is specifically put in place to prevent the use of the kiddie condo loan program for 2nd homes or investment properties.
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A divorce is an incredibly difficult every member of a family, this stress is only increased by financial considerations after the divorce is final. If you are looking for a way to find a property relatively quickly, but may not be ready to be financially independent from your partner, the kiddie condo loan can help you achieve those goals. This often overlooked loan program is one that be a wonderful resource that can help simplify the divorce process. If anything the kiddie condo loan program can help you or your ex-partner get back on the feet financially by providing a realistic means of home ownership.
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