55% is the max approval I've seen lately with Freddie Mac's LP (Loan Prospector). However it's challenging to get approvals over 45%, typically need excellent credit, a lot of reserves, good down payment, and previous mortgage history.
You are correct that Freddie Mac permits blended ratios between occupant & non-occupant co-borrowers. The occupant doesn't even need to make any money at all, and the non-occupant's income can qualify for both of their debts.
Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct... more
If you let me know more specifics, I can probably help you out with your situation. I don't work exclusively with "Rent-to-Own" sellers, I am willing to put the time in to work out a deal with some sellers. I do a lot of my work in the Kentwood area and I live here too. If you want to sit down and talk sometime, let me know. You can call me at 616-780-4725 or email me at email@example.com... more
I am not sure if many banks are doing loans this small. The problem falls with section 32 financing (the red tape of the industry) - The goverment regulates fees as a percentage of the loan amount, so a small loan looks as if it has large fees although it may only be a couple hundred dollars. Bank want to avoid section 32 loans at all costs!
We have very little costs to pass on to you so we can avoid section 32 laws; we would be glad to help you out. You are welcome to ask for Anthony at 1-800-555-2098. Talk to you soon!... more