Quote Originally Posted by Jill Graff View Post
Has anyone heard of a non-occupying co-borrower? This is a twist on the parents/kids buy house. Here the kid has better numbers for a lower interest loan. Parents are going to make the down payment and pay the kid the mortgage amount monthly. Parents are over 65 so they are trying to get the lower real estate tax exemption.

Is there a downside to this? It is usually the flaky kids who have trouble getting the loan!

Thanks in advance.
Yes, a non-occupying co-borrower is normal standard way that someone can help family members qualify for a loan. This is typically used for FHA borrowers, as far as the real estate tax exemption I don't think they will qualify because they will not live at the property. If you have additional questions call me on my cell phone 312-404-8957 I hope this made sense.