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Jackson Wu's profile image
Jackson Wu's profile image
Jackson Wu
  • Investor
  • from Monrovia, CA
  • Member since Mar 25, 2015

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Jackson Wu's profile image
Jackson Wu's profile image
Jackson Wu
  • Investor
  • from Monrovia, CA
  • Member since Mar 25, 2015
Jackson Wu
  • Investor
  • Monrovia, CA
33
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48
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Buying & Selling Real Estate

Qualifying for an FHA loan with a partner.

Jackson Wu
  • Investor
  • Monrovia, CA
Posted

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?

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Upen Patel's profile image
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Upen Patel
  • Lender
  • from Nationwide Lender
  • Member since Jun 17, 2015

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Upen Patel's profile image
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Upen Patel
  • Lender
  • from Nationwide Lender
  • Member since Jun 17, 2015
Upen Patel
  • Lender
  • Nationwide Lender
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Upen Patel
  • Lender
  • Nationwide Lender
Replied

@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.

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