Qualifying for an FHA loan with a partner.

[Jackson Wu]

I have a friend who is interested in partnering with me on a triplex deal. He is currently not a homeowner and we are thinking of using his FHA loan. Is this allowed? Are we able to co-own a property 50/50 and still qualify for an FHA loan? If so, how are these structured?

[Upen Patel]

@Jackson Wu You would be considered a non-occupying co-borrower. FHA does allow for this, but if it is a multi unit then you need to do 25% down. No more 3.5% down.

So, Yes you can do it as long as you are good with the higher down payment.