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Need information about Kiddie Condo purchase in OH...financing options?

After looking at available rentals (800-1200) seems like purchasing might be the way to go instead.  Found a nice condo/new construction (FHA Approved, 39 unit, 12 sold, asking price btwn 160-190; 1+/1 or 1bd+den/2ba account for range) that look like nice alternative.  FICO 706/740/774 -- just paid off 36K debt and doesn't look like it's reflected in all 3 yet; Monthly Income 17K against 4K expenses. What type of financing options are out there?   Thanks.
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April 26 2010 - Cleveland
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Answers (4)

I just saw your other post and I now see that you are not the kid in this kiddie condo purchase. You are the Daddy or Momma Warbucks. 

As long as your child has 620 credit FHA, is the best way to go.  The interest rate is great and the down payment is low.  If you just bought it out right the lender is going to treat it as an investment property and want 20% down with a 5% interest rate.  With FHA you will get a rate in the low 4% range with 3.5% down +closing costs. This program also goes a long way in establishing great credit for your child, so they can buy their own home after college with no hassles.

Hope this helps

Paul
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August 16 2010
Can you clarify your income vs expenses?  $1700vs$400 or $17,000vs$4000.  I am pretty sure I already know the answer.  If it is the first one, you are correct in asking about the FHA Co-signer program(kiddie condo).  If it is $17,000 can you please send me an new hire application from whereever you work at.

    With the kiddie condo you will need a co-signer with good credit like yourself and enough income to handle all their debit(current mortgage, car loans, credit cards) and most of your new mortgage.

Hope this helps

paul
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August 16 2010
If you can buy, that is always better than renting. The financial benefits in the long run are great.

Get a pre approval status from a lender and go for it. If you need any referrals, just contact me.
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July 13 2010
I would recommend that you talk to a mortgage lender (perhaps your bank has one you can talk to) and they will discuss all the options that are available to you. With your credit score and income you sould have
several options available to you. Good Luck!
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April 27 2010
 
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