Rental Property Investor · Apopka, FL · Member since 2013 · 155 posts · 62 votes
I have identified a solid 4-plex opportunity but it needs to have an owner occupant...my question/situation:
My daughter is employed new but good credit; however, her income ratios / expense ratios would not qualify her. Is there a way for her to be on title and she would occupy with me as co-owner / co-borrower and still take advantage of the FHA buyer program. Jointly we would be fine on ratios but my mortgage broker is indicating this is a problem and I would have to do conventional finance with 25% down,
1) this is a lot of money -- it still seems the return would work but that is too much $ to tie up
2) if we put the 25% down I would be the primary which given this is a "first-look" property I don't think that will fly
Appreciate any insight -- perhaps I need a different mortgage broker? How can I get us to qualify under the first look while also making sure she gets approved as such.