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Updated almost 8 years ago,
Conventional Financing (Owner Occupied vs Non-owner Occupied)
Hey guys,
I had a question regarding getting approved and receiving conventional financing (typical, personal mortgage with fixed 30 year amortization). This is regarding Texas as well -- not sure if that makes a difference.
Basically, are you able to get a conventional mortgage on a property that you do not occupy? The reason I ask is I currently have a decent living arrangement, and want to purchase a multi-family home (duplex,triplex) as an investment but would prefer not to live there. Could I receive a conventional mortgage loan from a typical lender (bank, credit union) for this property? Or, is there a stipulation that I must live there in order to be approved/receive a conventional mortgage loan?
Also, I am looking to invest with a partner. Is it possible that we both be listed as borrowers of the loan? If so, would it be similar to the combined income that spouses qualify for or is there a distinction?
-Peter