Conventional Financing (Owner Occupied vs Non-owner Occupied)

[Peter Wyric]

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