College. The first time your child flies the coop.
They’ve lived under your roof their whole lives, but now where are they going to live? When a dorm and other student housing isn’t an option—or your college kid has simply “been there, done that”—living in a house is the natural next step.
Renting out a house on campus can be tough, which is why you may choose to purchase a home on or near campus for their child to rent out, along with their college buds.
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The Home Away From Home loan is calculated as a second home instead of an investment. Student admission and enrollment documentation are required. No rental income acceptable for qualifying income. Maximum debt-to-income ratio of 45 percent and minimum FICO credit score of 680. Subject to approval by Equity Bank.