Tag: requirements

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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USDA Occupancy Requirements

Question: Does USDA only allow for Primary Residence or are there other types of occupancy?  Mortgage Currentcy Chart – Occupancy – All Agency Comparison Answer: USDA only allows for primary residence. We do have a chart on occupancy. I have provided the link below. Supporting Resource: Mortgage Currentcy Chart – Occupancy – All Agency Comparison […]

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