Updated over 5 years ago on . Most recent reply
3% Down Payment HomeReady Loan
Hi there, I'm looking to purchase a 3 units multi family in Providence, RI with my friends. My friend will live in the house as a primary residency. However, she is not qualified for a loan as a server. I'm living in NY and will be her co-borrower. We initially applied for FHA to get the 3.5% down payment. However, we got turned down because I'm considered a unoccupied co-borrower and we're not related by blood or law. We have to put down 25% even with FHA. Then, I came across HomeReady Loan that offers 3% down payment with unrelated co-borrower. Does Anybody have any experience with this loan or this situation? Please help! Thank you!