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Kiddie Condo Loan
Posted by GuestPoster in Personal Finances
One of the added benefits of utilizing the Kiddie Condo Loan program is that the co signer can potentially get the benefit of having an investment property without needing to pay the extra costs that are typically associated with an investment property mortgage. Because one of the people (the ‘kiddie’) will be living in the property as a primary residence, it is considered a ‘primary residence’ and not an investment property. The tax write off benefits can be truly significant for the co signer. Plus, just because the one person is using this property as a primary residence doesn’t mean that the additional rooms in the house (condo, townhouse, whatever), can’t be rented out to other room mates. By using this approach, many people have managed to have most, if not all of the mortgage payment covered by others.
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