family member

If a non-occupying co-borrower is a cousin, are they considered a family member for an FHA loan?

Answer: Unfortunately, a cousin is not considered a “family member” per the FHA  definition.  That said, the cousin can be a non-occupying co-borrower, but the LTV will be limited to 75%.  Please see the full guidelines below regarding non-occupying co-borrower transactions and the definition of a family member. Reference: 4000.1  II. A. 2. b. ii [...]

2019-07-24T10:53:28-05:00July 25th, 2019|

FHA – Family Member Seller as Non-Occupant Borrower: If a father is selling to his daughter and he also needs to be a co-borrower, can she get maximum financing? – Chart – Non-Occupant Co-Borrower Guidelines – All Agencies

Answer: The family member seller can be a non-occupant co-borrower, but the LTV will be limited to 75%.  See the applicable guidelines below. Reference: 4000.1  II.A.2.b.ii (B) LTV Limitations Based on Non-Occupying Borrower Status (1) Definition: A Non-Occupying Borrower Transaction refers to a transaction involving two or more Borrowers in which one or more of the Borrower(s) will not [...]

2019-06-20T12:03:53-05:00June 25th, 2019|

FHA – Proving 6 Months of Residency for Identity of Interest: What documents can I use to prove the 6-Month residency requirement for a borrower buying a family home from a trust? NEW MTP™- Identity of Interest – Who Can Exceed the LTV Limits?

Answer: The guidelines are clear that the borrower must have been living in the property for six months prior to the sales contract date.  The guidelines do not have a list of required documents, only that the lender must verify that the borrower must be a tenant of the property in order to exceed the [...]

2019-05-23T16:56:36-05:00May 24th, 2019|