The benefits are many and significant, but still, there are certain FHA Kiddie Condo Rules that you will need to abide by in order to make use of this fabulous mortgage program. In case you didn’t know it, with an FHA mortgage you will need to come in with some down payment money, but only 3% which really isn’t all that much. Plus, that money can be gift money from a relative or friend (you will need to provide a letter that states the money is truly a gift and is not a loan that will need to be paid back at a later date). Also, you will need to have the co-signer (the ‘kiddie’) live in the property as their primary residence. However, this does not prevent you from allowing roommates to live there and pay rent at the same time.
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