Partner + Personal/Vacation/Investment Mortgages

[Mike Huang]

Hi BP,

I'm currently in a situation where my partner is providing the funds for 2 buy and hold deals but does not want to be on the loan since he has been on other deals. My income and credit are more than enough but my loan officer is worried about how to get the down payment funds into my name without putting his name onto the loan application. Is there a way around this?

Some more background, these will be my first two deals in a rental market I know very well. I still live with my parents so we were thinking of declaring the first property as a personal home and the second home as a vacation home. Can we keep saying these are vacation homes in future deals as well?

[Mindy Jensen]

@Mike Huang , you said you are purchasing two buy and holds. Then you say you wish to call one of them a primary residence. If you say you're going to live in the property for the purposes of qualifying for a loan, then you need to actually live in that property. It is considered mortgage fraud - a felony - to say you will occupy it, then do not.