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Answers (7)
- Gordon Haraway, "1stTimebuySpecialist"
- Contributions:250
I realize its been a few weeks since I originally asswered thisthread. Maybe I was not totally clear on this. You mom will also need to qualify for the mortgage loan from a credit standpoint. other wise yopu would be the only borrower and FHA does not allow non occupant borrowers, it would be considered an investment property for you if only you were on the loan. I hope this clears up any confusion you may have had. And even for a conventiponal loan it is still an investment property even though you may be renting elsewhere. Now if you want to commit fraud thats up to you, but any loan originator who wants to try and skirt thius issue are the same people who did the sub prime loans a few years ago. You know the ones I'm speaking about, Those are the guys who told dishwashers they could afford $600,000 homes and put inflated incomes on their applications. I don't think we really want to go back to those days, do we?
- Bob Willett, "SacRELender"
- Contributions:194
I agree w/ Andrew on this. She doesn't need income under FHA.
Also, unless the retirement community is a condo FHA really shouldn't be a problem. Most of them in my market are PUDs, and we have no problems doing them.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Gordon,
Why would his mother need to have income to qualify if he qualifies without her income?
Why would his mother need to have income to qualify if he qualifies without her income?
- Gordon Haraway, "1stTimebuySpecialist"
- Contributions:250
The vast majority of retirment communities are not eligiable for FHA financing. Also condo's must be FHA approved and teh condo fee delinquency rate of collection for the entire developement can be no higher than 15% late for a 30 day period. Fha will allow you as a co borrower on an FHA but your mom will alos need to have income to qualify.
- Bob Willett, "SacRELender"
- Contributions:194
It will work fine – so long as she has acceptable credit and not too much debt. She will be the primary borrower & you will be the non-owner occupied co-mortgagor.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Your mom would need to be on the loan and you would be a non owner occupied co-borrower.
Fannie Mae will allow you to buy a home in that situation as a primary residence, you may want to look at homepath opportunities 3% down No MI. Depending on your credit score.
Fannie Mae will allow you to buy a home in that situation as a primary residence, you may want to look at homepath opportunities 3% down No MI. Depending on your credit score.
Buying a condo for my mother
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