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COLLEGE BOUND

American Midwest Mortgage Corporation offers a mortgage program designed for the parent, that has a son or daughter that is college bound or already in college on a full time basis. This is a great mortgage program for families facing certain challenging financial situations. Minimum 5% down payment or more.

With our mortgage program, Florida Mortgage Corporation can assist parents looking to provide a residence for their college bound son or daughter. It allows parents to provide a single family second home residence for their college bound child, which is also known as a "Kiddie Condo".

Our program AVOIDS higher interest rates, larger down payment, and expenses often associated in purchasing "investment" properties that are typical with "Kiddie Condos".

•   UP TO 97% FINANCING

Relationship and Property Requirements:College Bound

•  The child must be enrolled in college  (documentation to "evidence" current enrollment is required).

•  The subject property must be within reasonable proximity to the university or college that the child is attending.

•  The property must be a reasonable "distance" from the parent’s home in order to be classified as a true second home. The subject property can provide the parents a place to stay while visiting the campus but it will be the child’s primary residence.

•  The property cannot be rented and must be occupied by the child for a minimum of one year.

•  Borrowers may not own additional second/vacation homes properties in the "same locale".

•  A letter from the borrower describing purpose is required.

 

Application Process and Occupancy Classification:

•  Property will be categorized, underwritten and priced as a second/vacation home.  (Not investment property)

•  Parents will apply and qualify for the loan. The child is NOT an applicant, and does not factor in qualifying for the mortgage.

•  Parents own the property. If the child is of legal age, the child may join the parents on title, but it is not required.

•   Fixed or adjustable rates

•   Single Family residence, condos, co-ops and PUD's are eligible  

 

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Tim Bradford 
Lending Specialist 
216-324-8113

This Site is Maintained and Supported by Tim Bradford, A Loan Officer
with American Midwest Mortgage Corp.  Consider Visiting his AllOhioMortgage.com Website.
or start a Pre Approval or Online Loan Application

This site is designed for consumers looking to buy or sell a home, or find a qualified real estate agent and Realtor in the following towns in the Northern Ohio, Greater Cleveland, Ohio area: Westlake, Rocky River, Avon, Avon Lake, Bay Village, West Park, Ohio City, Lakewood, Fairview Park, North Ridgeville, North Olmsted, Olmsted Falls, Elyria, Lorain, Medina, Lyndhurst, Berea, Middleburg Heights, Parma, Strongsville, Independence, Brecksville, Sheffield, Broadview Heights, or North Royalton.  Tim Bradford is a full time Mortgage Banker/Broker serving Northern Ohio, Including Cuyahoga County, Lorain County, and Medina County. 

If you are looking for a home to buy, a homes for sell, to find a Realtor, MLS Listings, Cleveland Relocation Information, First Time Home Buyer information, home values or property Values, Multiple Listing Service, buyers agent, real estate investment, hud homes, or foreclosures, This site has the information that you are looking for.