Take 2.. Can I get a mortgage based on non occupant co borrowers income?

Asked by Brad, Milford, MA Mon Jun 3, 2013

I have an income of almost $0 and a credit score of 660-680. Can I get a mortgage based on a non-occupant co borrower as a first time home buyer and only put down 3.5-5%?
Is this also available for a "renovation mortgage"?

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Answers

6
Jeffrey Manc…, , Boston, MA
Mon Jun 3, 2013
Brad,

Sally is correct if it is a FNMA loan but is incorrect as a FHA loan will finance a home with a non-occupied co-borrower even if you have no income. Jim is correct in that it is for single families only.
1 vote
Jim Driscoll, , Lynnfield, MA
Mon Jun 3, 2013
FHA allows for one qualifying ratio for a non-owner occupant co borrower but only for single family homes. FHA also allows for renovation loans. How much will the renovation be and is there going to be any structural work? Take a look at our video testimonials and call me if you have any questions at 617-529-9007
1 vote
Eric Erickson, Mortgage Broker Or Lender, Andover, MA
Mon Jun 3, 2013
Renovation loans are the only loans I finance. If you contact me va my profile I would be happy to answer all your questions.

Best,

Eric
0 votes
Kevin Vitali, Agent, Tewksbury, MA
Mon Jun 3, 2013
It should be possible. I just closed a deal like you described. Contact a Mortgage Banker and discuss your scenario.
0 votes
Sally Grenier, Agent, Boulder, CO
Mon Jun 3, 2013
No, BOTH borrowers need to qualify for the loan. If you have zero income, that's a problem. You need to sit down with a good local lender who will review ALL of your financial info.
0 votes
Jeffrey Manc…, , Boston, MA
Mon Jun 3, 2013
FHA is 3.5% down and yes it also qualifys for The 203k which is the Revovation program
0 votes
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