Posted on: 04th Apr, 2011 07:03 pm
I jointly own a town house with my brother. We are both on the title. The property is valued at $140,000. There is a $101,000 mortgage on the property in my brother's name only. My brother would like to relinquish his interest in the property. I would like to keep the property as investment property and am looking for a mortgage lender that will finance a non-owner occupied property. My income is insufficient to qualify alone. My spouse would apply or co-sign for the loan with me. Together we will qualify. I've been told by a bank mortgage broker that they consider this to be a Non-Arm’s Length Transaction making it ineligable to be financed with them. Are there lenders that will finance a non-owner occupied property when the sale/purchase is considered to be a Non-Arm’s Length Transaction?
Hi olsonpets!
Welcome to forums!
There are lenders who may help you get a finance for non-owner occupied property. You already have equity in your property. If you have a good credit score and income, you won't face any issues in getting a mortgage. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you with a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
There are lenders who may help you get a finance for non-owner occupied property. You already have equity in your property. If you have a good credit score and income, you won't face any issues in getting a mortgage. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you with a loan.
Feel free to ask if you've further queries.
Sussane
What lender was this that denied your loan. If you're staying on the loan, I have to believe there's a lender out there that will finance it.
I agree - not only is there a lender out there for every transaction that people can dream up, but what you describe isn't all that odd. I agree that it's not arm's-length, but that ought not to prevent lots of lenders from giving full consideration to financing you.
