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Quite often First Time Homebuyers have a need for someone else to be on a mortgage with them in order to qualify to purchase a home. While conventional loan products have a provision for this, it is not a very good one, and do not really provide an advantage to do so. The only true option for a Borrower that cannot qualify to purchase a property on his or herr own is FHA. FHA Non-Occupying Owner Borrower Mortgages have a couple of options.
"When there are two or more borrowers, but one or more will not occupy the property as a principal residence, the maximum mortgage is limited to a 75% LTV. However, maximum financing (as described in sections 605 to 605.03) is available for borrowers related by blood, marriage or law (spouses, parent-child, siblings, stepchildren, aunts-uncles/nieces-nephews, etc.), or for unrelated individuals that can document evidence of the family-type longstanding and substantial relationship not arising out of the loan transaction."
So if you have a Non-Occupying Owner Borrower who is not related to the Occupying Borrower, they need to have a 25% downpayment.
It the Non-Occupying Owner Borrower is related to the Occupying Borrower, then they only need to have a 3.5% downpayment.
Both the Non-Occupying Owner Borrower's income & debts, and the Occupying Borrower's income & debts are used in qualifying for the FHA Mortgage.
As stated in the beginning conventional loans also have a provision by which there can be a Non-Occupying Co-Borrower, but there is no advantage to doing so. This is because when a Non-Occupying Co-Borrower is used in qualifying for a conventional mortgage, the Occupying Borrower still needs to be able to qualify for the mortgage solely based on his or her own income. Furthermore:
The Total-Debt-To-Income Ratio cannot exceed 43%
Loan-To-Value (LTV) cannot be higher than 90%
And at least 5% of the Downpayment has to be from the Occupying Borrowers own funds.
So this leads to the question, why would anyone take on the financial obligation for a mortgage, if their income cannot assist the Occupying Borrower in qualifying for that mortgage? I for one fail to see any sense in doing that, and therefore to the conclusion that the only viable option a FHA Non-Occupying Borrower Mortgage.
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308, email@example.com, or visit my McCue Mortgage Homepage.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.