I am working with a realtor right now to purchase a triplex in Mesa, Az. I am a full time student who makes a small income (30k) on the side with my
own business. My business is only 1 year and 6 months old so I had to get my parents to cosign the loan for me which they agreed to. My problem is that now the loan guys are saying we cannot purchase the property with 3% down unless my cosigner is going to be living there as their primary residence as well. In fact we need 25% down, so they say. Is there any way around this? My parents don't even live in this city and they are not going to have any part in the triplex except for cosigning the loan. I think the loan was going to be an FHA loan for a first time home buyer.
any suggestions would be greatly appreciated
Hi, Ryan ... you need to be asking your Realtor this question, in all honesty.
What I can tell you is FHA loans are usually, if not always, for owner-occupied purchases. Higher down payments are required on investment properties, and if none of you are living there then it's clearly an investment property.
Good luck.
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