Fannie Mae Brings Back “Kiddie Condo”

Fannie Mae now allows a parent or family member to be added to a home loan to increase the borrower’s qualification.  Lenders can used the combined resources of a lesser qualified home buyer and a family member to secure the loan.  The family member does not need to live in the home with the buyer.  Currently Fannie Mae offers up to 97% financing.

Note, these loans were nicknamed “Kiddie Condo” but are not exclusively for condos.

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