Qualifications of a Student Home Investment Program
One of the borrowers must live in the property
Both the parents and the child must apply for the loan together
The maximum loan to value ratio is only 3.5% down payment if related by blood, marriage or law
To learn more about the Student Home Investment Program, call the Rick Davis Mortgage Specialist Team at 515-343-2300.
Cost-Effective Kiddie Loans
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Student Home Investment Program - Kiddie Condo Loan
Recently, Market Watch
announced that the student loan debt in America will reach over $1.4 trillion in 2016. That translates to an average of over $37,000 of debt for each college student.
Addressing the announcement, Rick Davis with Fidelity Bank said, “Student debt is of crisis proportion creating serious ramifications on the young people of our country, as well as, on the economy of the United States. That’s why we are big proponents of the Student Home Investment Program.”
The Student Home Investment Program - called the Kiddie Condo Loan - enables parents to help their college-bound children purchase a home. Although called the Kiddie Condo Loan, the loan applies to single-family housing and townhomes, too.