2-4 unit home possible

[Michael J Scanlon]

I have some questions regarding home possible, all pertaining to 2-4 unit properties.

Can a buyer who will occupy use a non-occupying partner to buy the deal and split ownership?

Can a buyer who will occupy borrow funds from elsewhere?

Thanks

[Chris Mason]

Originally posted by @Michael J Scanlon:

I have some questions regarding home possible, all pertaining to 2-4 unit properties.

Can a buyer who will occupy use a non-occupying partner to buy the deal and split ownership?

Can a buyer who will occupy borrow funds from elsewhere?

Thanks

 Before you spend too much time barking up this tree, take 30 seconds to make sure it's a good use of your time. Anything written about Home Possible prior to July of 2019 (including my many posts about what was formerly my favorite mortgage product) is obsolete. 

Does your buyer make 80% of area median income AND can they still qualify for a mortgage at the necessary price points with income that low? I don't know Illinois, but in the areas I typically do business (Oakland, Bay Area in general, SoCal, LA and San Diego) the answer so far has been "no" in 100% of cases where I checked.

Here's the lookup tool: 

https://sf.freddiemac.com/working-with-us/affordable-lending/home-possible-eligibility-map

I picked a random Chicago census tract and it's $69,920 per year (inclusive of coborrower income if you try to go that route, which you pragmatically wouldn't have been able to even prior to July 2019). If your buyer makes a dollar more than that, they can't use the program. Do people that make less than $69,920 per year in Chicago typically have sufficient income to qualify for mortgages at typical 2-4 unit price points in that market? The answer might be "yes," I don't know what 2-4 unit properties in Chicago sell for.