No W2 Student Owner Occupant Loan with Parent Co-signer/Borrower

[Mika Guillen]

Hey everyone! My name is Mika Guillen and I'm a 2nd year college student. No W2 Income but have enough money for 3.75-5% down payment on an owner occupant multi-family property. Planning to partner with my parents as co-signer/co-borrower since they have great credit, income and debt to income ratio- pretty much all the credentials I need. I have heard it's possible but has anyone had any experience with a situation like this? Any lender suggestions or tips? Thank you in advance and for reference, I'm looking at Columbus OH market.

[Ashley Cross]

You are able to have a non-occupying co-borrower for a multi-unit financed with a FHA loan if the co-borrower is a blood relative or relative by law at the max LTV. You'll be fine with your parents as co-borrowers.