Building your kid's credit after high school and building to buy a home

Didier Malagies • July 10, 2023


Educate them about credit: Teach your kids about credit, including the importance of responsible credit management, how credit scores work, and the impact of credit on their financial future. Ensure they understand the responsibilities and potential pitfalls of using credit.


Add them as an authorized user: Consider adding your child as an authorized user on one of your credit cards. As authorized users, they can benefit from the positive payment history associated with that account. However, make sure you monitor their spending and set clear guidelines to avoid misuse.


Encourage responsible credit behavior: Encourage your kids to develop responsible credit habits by making small purchases and paying off the balance in full each month. This will help them establish a positive credit history and demonstrate their ability to manage credit responsibly.

Co-sign a loan: If your child needs to take out a loan, you can co-sign the loan to increase their chances of approval and potentially secure a lower interest rate. However, remember that co-signing makes you equally responsible for the debt, so be cautious and ensure your child is committed to repaying the loan.


Help them open a secured credit card: A secured credit card is a good option for those with limited credit history. Your child can open a secured credit card by making a cash deposit that acts as collateral. By using the card responsibly and making timely payments, they can build credit over time.


Monitor their credit: Regularly monitor your child's credit report to ensure there are no errors or fraudulent activities. Encourage them to review their credit report annually as well.

Promote financial responsibility: Emphasize the importance of financial responsibility, such as maintaining a budget, paying bills on time, and avoiding excessive debt. These habits will contribute to their overall financial health and improve their creditworthiness.

Remember, building credit takes time, and it's crucial to start early. Encourage your kids to be patient and diligent in managing their credit. By following these steps, they can establish a solid credit foundation, increasing their chances of qualifying for a mortgage when the time comes to buy a home.



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Does your condo association needs funds for a new roof

By Didier Malagies • January 12, 2026
1. HOA / Condo Association Loans (Most Common) These are commercial loans made directly to the association, not individual unit owners. Typical uses Roof replacement Structural repairs Painting, paving, elevators, plumbing Insurance-driven or reserve shortfalls Key features No lien on individual units Repaid through monthly assessments Terms: 5–20 years Fixed or adjustable rates Can be structured as: Fully amortizing loan Interest-only period upfront Line of credit for phased projects Underwriting looks at Number of units Owner-occupancy ratio Delinquency rate Budget, reserves, and assessment history No personal guarantees from owners 2. Special Assessment Financing (Owner-Friendly Option) Instead of asking owners to write large checks upfront: The association levies a special assessment Owners can finance their portion monthly Reduces resistance and default risk Keeps unit owners on predictable payments This is especially helpful in senior-heavy or fixed-income communities. 3. Reserve Replenishment Loans If reserves were drained for an emergency repair: Association borrows to rebuild reserves Keeps the condo compliant with lender and insurance requirements Helps protect unit values and marketability 4. Florida-Specific Reality (Important) Given your frequent focus on Florida condos, this resonates strongly right now: New structural integrity & reserve requirements Insurance-driven roof timelines Older associations facing multi-million-dollar projects Financing often prevents forced unit sales or assessment shock Many boards don’t realize financing is even an option until it’s explained clearly. 5. How to Position the Conversation (What to Say) You can frame it simply: “Rather than a large one-time special assessment, the association can finance the project and spread the cost over time—keeping dues manageable and protecting property values.” That line alone opens the door. 6. What Lenders Will Usually Ask For Current budget and balance sheet Reserve study (if available) Insurance certificates Delinquency report Project scope and contractor estimate Bottom Line Condo associations do not have to self-fund roofs or major repairs anymore. Financing: Preserves cash Reduces owner pushback Helps boards stay compliant Protects resale values Tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

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