What is an FHA loan?
FHA insures qualifying mortgages made by approved lenders. HUD describes options for eligible buyers with down payments as low as 3.5%, subject to requirements. That does not mean every borrower or college-area property qualifies.
Matt’s published loan categories include FHA. Ask the lending professional to review your actual occupancy, borrower structure and property before relying on that path.
A parent/student purchase needs a structure review
The term “kiddie condo” is informal. An occupying student with family support and a parent-only investment purchase are different scenarios. Identify the borrowers, titleholders and occupants before asking about an FHA loan.
Do not describe an investment property as a residence to obtain different terms. Give the lender the real intended use and ask which rules apply.
Calculate more than principal and interest
FHA costs can include mortgage insurance in addition to taxes, hazard insurance and association dues. Ask the lender for the applicable upfront and recurring insurance amounts and how financed costs affect the loan balance.
The tool below is a general mortgage calculator. Enter the lender’s actual monthly insurance estimate and adjusted loan amount; it does not automatically calculate FHA premiums. Until those inputs are known, use the result only as an incomplete planning estimate.
Review the property and the family budget
Ask about appraisal, condition and condo eligibility. Keep cash available for inspections, closing expenses, moving and repairs. Run a no-roommate budget and a shorter ownership period before deciding that a lower down payment makes the whole plan affordable.
