Need a Non Occupant Co-Borrower For a Conventional Home Loan? Due to guideline variations between the agencies, Non-Occupant Co-Borrower loans should be run through LP using an LP Product Code. Lender applies the following overlay to when the occupant borrower’s ratios are greater than 45%: The use of the non-occupant co-borrower’s income must reduce the ratios to below 45%; Cash-out is not permitted. o For LTV’s greater than 80% LTV, the occupant borrower must make the first 5% down payment from the occupant borrower’s own funds. Funds that are owned jointly by the occupant borrower and the non-occupying borrower are considered the funds of the occupant borrower. o The non-occupant co-borrower must be an immediate family member and may not be an interested party to the sales transaction, such as the property seller, builder, or real estate broker. o Non-occupant co-borrowers may not be added to a mortgage secured by a primary residence under the LP Open Access loan program. Email us your loan scenario a info@pmccanhelp.
Posted on: Fri, 16 May 2014 21:21:58 +0000
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