Posted by Kristine-CA on August 21, 2005 at 23:22:41:
I hope it will be ok to live in the properties on which I have NOO loans.
It’s always been our theory when we hold (and we don’t hold too many)
that "come the Revolution…the Big
One…the Recession…whatever…that we always have the security of
living in one of our rentals. Not that we want to move 150 miles away,
not that we are even considering it.
But, it’s always nice to know that we could. Funny thing about a NOO
loan and occupancy. I’m sure the lenders don’t see too many of those.
Kristine
If two individuals (not related) co-sign a purchase loan and only one of them live there, do they qualify for a loan rate of owner occupied or of non-owner occupied?
Also if one has credit in mid 500s and the other has high 700s, what kind of number do the banks use to determine the interest rate?
This is something came up with a conversation with the owner and it is not something I’m trying to do.
Posted by Randy (SD) on August 21, 2005 at 10:42:35:
It would be owner occupied, but the credit decision would be based on the lower (500) credit score for rate & terms? better to leave the poor credit buyer out of the deal even it means going non-owner occupied. I have seen deals rejected when one of the buyers is that poor of a credit risk.
Posted by Frank Chin on August 21, 2005 at 05:53:19:
whyK:
It’ll be an OO loan. But it reminds me of a funny story.
I got myself a NOO loan once thru a bank who offered financing on a REO. Banker asked me if I’ll be living there, and I answered I might. Then I asked him if it made a difference, and he said “in this case NO”, as they’ll keep it in their portfolio. He asked because its just a box they have to check off on some form.
So I said “make it NOO”.
Before closing though, I decided to live there for a while, and got myself a “homeowners” insurance, with coverage rental units. It turned out very funny because at the closing, they never came accross a NOO loan, with a homeowners policy.
Took another extra hour of phone calls, but everything turned out OK.
The homeowners covers “content”, plus a few extra whereas an NOO policy does not. But I also got “rent interruption” insurance which a strictly homeowners policy does not have.
I guess its not “loan fraud” for the owner to live in a NOO propery", is it??
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