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Non-occupant co borrower and co borrower
#1
What is different between a non-occupant co borrower and co borrower?
 
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#2
Non-occupant co-borrower can be added to the mortgage loan for FHA loan programs so the main borrower qualifies. A non-occupant co-borrower needs to be related to the main borrower by law, blood, or marriage. The non-occupant co-borrower can be a father, mother, daughter, son, grand parents, step parents, step brothers and sister, and in laws. The non-occupant co-borrower can own their own homes but a co-borrower is the same as the main borrower and needs to be an owner-occupant of the property. The non-occupant co-borrower goes on the mortgage note but not on title to the home. The co-borrower goes on the mortgage note as well as the title to the home. Here is an article on non-occupant co-borrowers.

http://gustancho.com/fha-non-occupant-co...uidelines/

 
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