Financing in Rohnert Park>Question Details

Diver4kal, Home Buyer in Rohnert Park, CA

If I purchase a home in a partnership and only one partner moves into the home can we still get an owner occupied loan?

Asked by Diver4kal, Rohnert Park, CA Wed Oct 5, 2011

Help the community by answering this question:


Chances are the lender won't allow the loan to be in a partnership. You can have your title in a partnership after the loan funds. If only one person is going to occupy and you need the income from the other to qualify that person would be an non-occupying co-borrower.

Happy funding, Rudi
Web Reference:
0 votes Thank Flag Link Fri Oct 7, 2011
Diver4kal - most conventional lenders won't lend to a partnership, we lend to individuals....

However, after the loan process is complete, you can transfer ownership into your partnership...

If you're doing an FHA loan, then only one person needs to be able to occupy the home, the other applicants will be considered non-occupying coborrowers...

hopefully this helps and good luck!

best, Jeff Marr
0 votes Thank Flag Link Sun Feb 10, 2013
Be careful, there are specific loan programs that require that all borrowers occupy the property. FHA has the most lenient stance on the subject, as we see non-occupying borrowers everyday. But there are other conventional programs that do not allow this. You don't want to get yourself in any trouble, make sure to consult with a mortgage professional so you avoid any issues later on.

Best of Luck!
0 votes Thank Flag Link Thu Oct 6, 2011
Yes. I see no problem why you should not receive the loan as owner occupied. For your reference, I found this article on the site that I read often. Hope it is of your interest.…


Daniel Choi
0 votes Thank Flag Link Wed Oct 5, 2011
For sure. I'm doing it right now with one of my children.
0 votes Thank Flag Link Wed Oct 5, 2011
Hello Diver4kal,
Yes, only one partner residing in the home would be considered as "owner occupied".

Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Wed Oct 5, 2011
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