All Forum Posts by: Scott Em

 Thank you for your reply Patrick. My question is what exactly do you mean by partner up? Sorry if this seems like a stupid question!

Thanks for your replies Albert. The co borrower has a property that he pays a mortgage on and is not interested in occupying another. What would he have to do in order to officially become an occupant (I believe he would have to have this as his "primary residence", correct?)? Would this status affect his other financials, including his income, mortgage, etc.? Also, would he be qualified for the FHA loan considering he owns other property?

@Michael Cohen yes. 

@Michael Cohen Thanks for the reply. Well, this directly contradicts what my lender told me were FHA guidelines. According the them, the co-borrower drives the increase on the downpayment requirement for a multi family 203k. Do I need a new lender??

Hi all! I understand that in order to use a 203k with a non occupying co borrower for anything between 2-4 units (basically other than a SFR), the down payment increases from the 3.5% to 25%. I am a bartender and the majority of my income comes in the form of cash. While I can afford payments, I simply cannot show it through wage reports and bank statements. Thus, my income is insufficient. I have a willing non occupying co borrower who's income more than makes up for my lack thereof, however I do not have the capital for a 25% downpayment. What, if any, are some creative ways around this? I understand the reasoning for the increase in downpayment, however in my case my co borrower is not doing this as an investment strategy, but simply to aid myself. Thanks in advance for the replies!