planning to do joint mortgage/joint ownership, what's the lender opinions?
considering to buy a residential property jpintly with a family member.Family member has enough cash to pay own share in full.I do not and plan on getting a mortgage for part of my share; I can make 20% downpayment.How is this scenario considerdd by mortgage lenders?Will this raise my rate, decrease my chances etc.?Thanks by junjunbee from Port Townsend, Washington. Jul 7th 2011
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
is " family member " planning to live in the property ? if yes- your options are good and you should be able to get best rates and plently of program options if not , they are considered to be a " non occupant co- borrower" and the # of programs and options decrease
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