FHA with nonoccupying coborrower

[Evan Ponssa]

Hi friends,

I am looking to get my first rental property, and was planning on using my mother as a nonoccupying coborrower (with me as an owner occupant) to acquire a cashflowing multifamily, however with a nonoccupying coborrower I would have to put 25% down. This simply will not work, as I would like to keep my downpayment at 3.5% (or close).

How can I acquire a multifamily property with my mother as a nonoccupying coborrower? Could using a 203k loan to turn a single family into a multifamily work?


Any help is appreciated!

Thank you,

Evan