Is the FHA kiddie condo loan enough to make college more affordable? Well, it can possibly help a little… but man, is it ever expensive to go to college these days.
Over time, the price of getting an education has went one direction – up. Everyone who has went to college knows that what it costs today to put your kids through college is quite a bit more than what it cost when you went.
And the longer ago that you went to college, the more it costs now relative to what it cost when you were there.
For parents who are sending their kids to ASU, I am currently working with more than one family who is using an FHA kiddie condo loan to buy a property near the new light rail.
Why?
Well, there are many reasons in each case, but one factor is that dorm costs are rising in Arizona – and yet, housing prices are more affordable than in recent memory. Will the FHA kiddie condo loan program be right for your situation?
It might be.
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With light rail stations at the Tempe and the Phoenix campus’ of ASU, students now have many more convenient housing choices. Of course, living on campus is a great way for many to experience college. Those choosing not to live in the dorms may consider the convenience of homes along the 20 mile stretch of light rail that will drop them off right on campus.
In preparing to send my son to ASU next year I have considered the option of buying an investment property. However, despite the fact that this is a good time to be buying, I think there is a LOT of value to living ON campus for the first year (or even 2). For that reason, I am holding off (for now, anyway) on purchasing housing for him. In 9 to 18 months, seeing how things go with grades on one side and the market/economy on the other, I may reconsider.
@Nick,
TWO MONTHS LATER… hahaha. I don’t know how I missed your comment — but you are right. If you are living near campus, one of the major things to consider is “how far away is this place that I might want to buy away from a light rail station?”
I personally ride the rail about 3 times a month — and if I was a student going to ASU, I would probably ride it at least twice a day.
Raillife.com Rocks! It is a jewel in the desert for anyone like @Baltimore Mortgage Man who wants to get more of a feel for the ASU lifestyle.
Justin
@Baltimore Mortgage Man,
Agreed. Having went to as much college as I could possibly go to without getting kicked out… I concur with the idea that there is “a lot of value to living ON campus for the first year or two”.
And the ASU campus is just getting cooler every year — there is still a ton of new construction going on there.
Justin