College Station Homes for Students
Many parents last year, because the stock market wasn't performing as well as in the past, would simply pay cash for their College Station condos or homes. This year credit is king. Many parents want to put the least amount down that they can achieve. That would be an FHA loan. To achieve this 3.5% down FHA loan the College Station home must be owner occupied so your student will have to be co-borrower. Your student doesn't need income to be the co-borrower as you can guarantee the income, but they must have credit.
How, you might ask, is a kid straight out of high school going to have credit in order to buy a home in College Station? With advanced planning it can be simple. It must be 3 lines of credit and they must have a 12 month history of on time payments. Here is a partial list of things that would qualify.
Cell phone bills
Car Insurance (If paid monthly)
Credit Cards with your student as co-borrower NOT authorized user.
personal loans (again with the student as a co-borrower)
With a little planning you can make your dreams of a low down payment on your College Station home a reality. Even taking a loan against a CD or other asset that you have with your student should qualify. Again, it's extremely important that it be paid monthly and on time.
Many of our properties are in the 150K and below range for a downpayment of $5250 and at times rollling in the closing cost can minimizing your cash investment as well.
In addition to the obvious benefits of improving your students credit and achieving a low down payment you would also be eligable then to claim a homestead exemption for the property in your students name. It wouldn't save you a ton, but it would be about an extra $250 every year.
For more information on College Station Homes for sale contact me!