Second Home for College Students

Check College Housing Eligibility

Answer a few quick questions to see if you qualify for second‑home or co‑borrower primary‑residence financing for your student’s housing.

Fannie Mae’s Second Home Rules

• One‑unit property suitable for year‑round living
• Owned/controlled exclusively by you (the parent)
• You must occupy part of the year (summer, breaks)
• Not rented or a timeshare

Meeting these rules allows you to avoid higher down payments and rates of investment loans.

How It Works for College Housing

• You (the parent) are the borrower and owner
• You occupy for part of the year; your child lives there during school
• Second‑home terms allow down payments as low as 5–10%
• Conventional and jumbo options available depending on price

Primary Residence Option via Co‑Borrower

• Add your child as a co‑borrower for primary‑residence terms
• You provide income/credit; student provides occupancy
• Lower down payments (3–5%) and best rates
• Homestead exemption in Louisiana saves ~$750–800/yr

Steps to Finance Your Child’s College Home

• Get pre‑approved based on your income, assets, credit
• Choose a one‑unit home close to campus
• Plan occupancy: parent part‑time or student full‑time
• Submit offer with pre‑approval and occupancy plan
• Close, furnish, and move your student in

Benefits for Louisiana Parents

• Build equity instead of paying rent
• Save vs. high campus rents/landlord markups
• Flexible use for parent/student occupancy
• Homestead tax savings on primary residences