Posted on: 18th Mar, 2014 11:20 am
Is it possible to have 4 persons on a home loan to finance 2 homes on 2 separate properties one for each on one loan?
No - but it is possible to do two loans
The issue is you would have to get a Loan Officer that knows how to write this up - basically the couple living in the home would be the Borrowers the couple not living in the home would be a non occupant co borrower - their income can be used to help with the debt to income ratios - however BOTH payments are calculated into each loan to determine debt to income ratios - what is the thinking going into this? Is there a reason why you cant just do one couple per one home per one loan
Brian Barnes
ENG Lending
Nationwide Lender
The issue is you would have to get a Loan Officer that knows how to write this up - basically the couple living in the home would be the Borrowers the couple not living in the home would be a non occupant co borrower - their income can be used to help with the debt to income ratios - however BOTH payments are calculated into each loan to determine debt to income ratios - what is the thinking going into this? Is there a reason why you cant just do one couple per one home per one loan
Brian Barnes
ENG Lending
Nationwide Lender