Tag: non-occupying

Primary Residence Purchase of a Multi-Unit with a Non-Occupant Co-Borrower

Question: I have a client purchasing a duplex with his father. The son will use 1 unit as his primary residence and father will be a non-occupant. Can this be done with only putting 3.5% down payment? Answer: Unfortunately, not with FHA. The LTV would be limited to 75%. See the guideline below. Reference: 4000.1 […]

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Non-Occupying Co-Borrowers on a 2-Unit

Question: Will Fannie Mae and Freddie Mac allow non-occupying co-borrowers on a 2-unit?  MC Chart – Non-Occupying Co-Borrowers Answer: Yes, that is allowed. Supporting Resource: MC Chart – Non-Occupying Co-Borrowers [Article Published in Question & Answer Issue – September 25, 2020] Copyright © 2020 – Mortgage Currentcy – All Rights Reserved

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