FHA DOES allow the use of non-occupying co-borrowers per HUD NON-Occupant Co-Borrowers Mortgage Guidelines. In fact, you can even have 2 non-occupying co-borrowers! They are added to the application and are not going to live in the subject property
Jefferson Square apartments, a 64-unit multifamily property in Denver, CO, was acquired by the borrower, an affiliate of Mr. Roger Rieger, for $5,076,300. The affordable housing community was financed.
A primary borrower and co-borrower may qualify for joint credit on an FHA loan application. Co-borrowers are most often used to qualify for loans when the primary borrower cannot qualify for the.
A borrower is the person with full responsibility for paying back the loan, while the co-borrower is someone added to the loan often to assist the borrower with approval. The co-borrower takes on the risk that he may have to pay the loan if the borrower cannot.