Fannie Mae – HomePossible™- Borrowers on Title: If an occupying co-borrower wants to be on the note but not the deed, will the down payment be 3% or 5%? [MC Chart – 97% Fannie Vs. Freddie Chart]
Answer: If all borrowers are occupying, then 3% is acceptable. It sounds like they are signing the Note but not the mortgage deed, which shouldn’t be an issue as long as they are an occupying co-borrower and will have their debts and income assessed in the overall eligibility of the loan. Social Media Post: Fannie [...]