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My fiance and I just bid for a 2 units multifamily with a preapproval for an FHA 203k loan (foreclosure with electric+copper stolen not appraisable property).
We will contribute 50% each to the down payment.
I will be a non resident co-borrower; I had to step in to contribute with my income because she cannot afford the property on her own. The FHA has all these mortgage insurance added on so I plan to refinance as soon as possible (210 days after fixes are completed). What kind of option do I have?
The down payment can be 20 25 %, we have high credit scores, the issue is that I will remain a non resident co-borrower? Who can offer a refinance for such situation? I read Freddie Mac has something but I do not know if this work as I am not related by blood.Providence RI
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For non resident I meant that I will not live in that house (I have an other house I will wait to sell first). In term of relationship I shared the same address with her for the past 10 years and I have her on my car insurance. not sure this is enough
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