Real estate blog entries tagged with nonoccupant coborrower by Lew Corcoran (Best Choice Real Estate Services)

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Home : Blogs : Lew Corcoran : The Real Estate Market in Easton MA : Tag "nonoccupant coborrower"

nonoccupant coborrower: Frequently Asked Question: Can I Put Just 3.5% Down for an FHA Mortgage on a 2-Unit Property with a Non-Occupant Co-Borrower? - 02/18/10 07:45 AM

Frequently Asked Question: Can I Put Just 3.5% Down for an FHA Mortgage on a 2-Unit Property with a Non-Occupant Co-Borrower?
Q: I would like to buy a 2-family home with an FHA mortgage and live in one of the units. But I need my mother as a non-occupant co-borrower to help me qualify for the mortgage. Can I buy the house with just 3.5% down payment?
A: No. If there is a non-occupant co-borrower and you are purchasing a multi-family residence (i.e., 2-, 3- or 4-Unit property), then you must put at least 25% down.
When there are two or … (2 comments)

nonoccupant coborrower: Frequently Asked Question: Can I do an FHA streamline refinance without an appraisal to remove a non-occupying co-borrower? - 02/03/10 05:52 AM

Frequently Asked Question: Can I do an FHA streamline refinance without an appraisal to remove a non-occupying co-borrower?
Q: I purchased a home in 2008 with a non-occupant co-borrower because I didn't qualify to buy a home on my own. Now, the non-occupying co-borrower wants to purchase own home. I have an FHA mortgage. Can I do a streamline refinance without an appraisal to remove non-occupant co-borrower? The house is underwater (I owe more on the mortgage than the house is worth, and I want to avoid an appraisal). I can qualify for a mortgage now on my own as my … (3 comments)

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Lew Corcoran

Easton, MA

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