Loans with income limits

[Andrew Beaver]

Question... I'm looking to get a mass housing loan which allows me to owner occupy a multi unit property up to 600k in the area that I'm looking (rough estimate). Issue is that I'm looking to purchase a property with another individual living in the unit and our combined income is greater than the allowed max income.. So my question is, is it possible to sign the contract myself and get the house in my name but sign a separate contract with the other individual obtaining half of the down payment/ payment for any expenses and they receive returns similar to me in a 50/50 partnership? Property I'd be looking to purchase is in Malden, Massachusetts (or surrounding Boston cities). I'm sure it's a long shot but mass housing is such a nice loan to get, I really really want it! Best chance of me cash flowing outside of putting 20% down

[Michael Caras]

Have you thought about FHA? I agree the masshousing loan is great. I just had to work on one for a 4 unit in Arlington. Masshousing checks on the income each year and also will charge if it gets refinanced within a certain amount of time. Having a contract on the side can violate the masshousing loan and you can be held responsible for mortgage fraud if it's discovered. FHA has no income limits.