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Give your kids the gift of home

FHA option most popular with co-signers

If you saw a nice home for sale near a college or university before your youngster began the fall semester, perhaps you could help that child -- or another potential first-time homebuyer in your family -- get into the door of that home while taking advantage of a terrific tax incentive at the same time. In a recent article, we explored the possibilities of owning an investment home near a college campus and having a college student live there as an alternative to an on-campus dormitory. What if your child were handed an $8,000 tax credit, or downpayment incentive, to purchase that home? Would that change the picture? There are still several loan programs that allow a "non-occupant" co-borrower (parent). The rules vary depending on the program, but the most popular option is still an FHA-insured loan. Here is a breakdown on the guidelines: FHA will allow a non-occupant co-borrower (on the loan and on title) or co-signer (on the loan but not on title).The minimum do...