I am so confused! I'm trying to buy 3-family property in New York State, which contains 2 buildings, with my dad (non occupant) as co-borrower.

Asked by Icgirl, Woodstock, NY Sun Aug 1, 2010

The first lender I spoke with - at a Credit Union- said that FHA won't lend on a 3 family with a non-occupant co-borrower. I have a piece of paper stating that as teh reason for rejection, but can't tell if it's from the FHA.

Then I spoke with a broker. He said that's not the rule at all. However, he thinks I'll run into trouble because I am on the deed of a house 15 miles away and because it will be difficult to find comps for the property.

Does anyone know the truth? Anyone know what percentage of the rental income I can use toward the loan?

I could get myself taken off the deed on the other property, but how do I further convince FHA that I intend to occupy? I'm self-employed as a massage therapist, but truth be told part of the reason I'm looking at this property is because I have autoimmune illness and am trying to slowly get out of the business, and in the property the rental units would make my cost of living very low. Will the FHA come and check?

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2
Susan Hoffla…, Agent, Shoreview, MN
Sun Aug 1, 2010
Icgirl,
FHA mortgages are for owner occupants, so your first order of business would be to get your name removed on the other deed. And, I understand that FHA does have different standards for lending for a triplex than a duplex.

You do need to post this so NY REALTORS and loan officers can help you.
Web Reference:  http://www.homestosellmn.com
0 votes
CCC, Home Owner, San Diego, CA
Sun Aug 1, 2010
Better post in on NY not Nya Minnesota so NY agents can help you better.
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