I am thinking about partnering with 2 other people to buy a multifamily property. One of them is open to living in one of the units. Can we get approved for an FHA loan?
Generally there is no way to get an FHA loan with traditional "partners." The owner occupant needs to qualify and no percentage sharing of vesting. Need more information as to your plan.
A co-borrower can make the owner occupant look better but the lowest middle mortgage FICO is used and everyone signs the note. Co-signors generally have no interest in the property unless you are related by blood- parent, marriage,or legal court order- these are "exceptions" which an Underwriter approves.
Where does everyone work, and current home status- own a home?
Both partners are my brother in laws. So does that make it ok?
Hi @Daniel Sheppard, Will they be co-borrowers in the loan?
@Ralph DiBugnara Yes. Unless you would reccomend something different. But that is the plan. They are my brother in laws
Just sent you a message @Daniel Sheppard