1st time home-buyers with conventional loan AND non-occupying coborrowers

Vikki: If Freddie already corrected the water problem, then why can't you go FHA? Did you have the appraisal done yet? Going FHA is probably the only way you can do this with a non-occupant co-borrower. Conventional is very difficult because the occupying borrower must be able to afford the home on their own - the co-signer just adds strength to the profile. I am an Illinois lender in Schaumburg. Feel free to contact me with questions.

Vikki,As far as I know there is not conventional program that only requires 3.5% down, unless you have a spacific bank that will offer that program. I work with a bank that offers a 97% ltv (3% DOWN) lender paid MI program, but the rate is going to be a little higher depending a couple of other compensating factors(credit, reserves, ect..). If this is somthing you might be interested in let me know and we can see if you qualify. My email is Tony@greatmortgagecompany.com.Good Luck, Anthony BattistaLoan Officer Great MortgageNMLS# 397880

There isn't really a question here, so I am really writing to correct an answer: YES, you CAN have a non-owner occupant on a conventional loan.

Hi VikkiYou can get a conventional loan with a non-occupying co borrower.

Since you are wanting the benefits of an FHA Insured home loan with 3.5% down payment and usage of a non-occupying co-borrower, you would be best advised to seek out an alternative property. Otherwise, look for a HUD approved lender who has an investor that allows for a non-occupying co-borrower on an FHA 203(k) Rehabilitation loan. Good luck.