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bad credit small business loans

Are you considering applying for an FHA loan with a non-occupying co-borrower?

Are you considering applying for an FHA loan with a non-occupying co-borrower?

You aren’t alone. Many people consider this, especially if they are unable to qualify for a loan on their own. A co-borrower helps the primary borrower qualify for the loan by using their income and/or assets to qualify for the loan.

The Non-Occupant Co-Borrower Guidelines

First, at least one borrower must occupy the property full-time. FHA loans are only for owner-occupied properties. In fact, you will sign a statement that says that you will occupy the property as your primary residence. You typically have 60 days to occupy the property. Not doing so could result in mortgage fraud. Continue Reading