Florida 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".


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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