Financing in Jersey City>Question Details

B, Home Buyer in Stamford, CT

Multi family in Jersey City

Asked by B, Stamford, CT Fri Apr 17, 2009

I live in CT, but planning to buy a multi family in Jersey City and wanted to know if I can qualify for a FHAloan. I know there is a requirement for the buyer to stay in the purchased property. But I have my brother living in Jersey who is a dependent in my tax filings. Can a FHA loan be obatained?

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Did you ever buy the multi-family in Jersey City?
0 votes Thank Flag Link Sun Jul 12, 2009
You need 25 percent down to be a non owner occupant cosigner. FHA requirement. A single family home or condo is a different story, you can still put 3.5 percent down on behalf of a family member who will live there. There are also some other constraints. If you want to over the particulars, contact me.
Ruth Bonapace
mortgage professional and FHA specialist
0 votes Thank Flag Link Fri Apr 17, 2009
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