Mortgage with co-owners

crescenze · Joined: 12 Feb 2008 Posts: 1 1.31 Dollars($)

If a property is co-owned can one person list the home as a primary residence while the other list it as an investment property?

kpatrick · Posted: Tue Feb 12, 2008 2:46 pm Post subject:

Hi Crescenze,

Welcome to the forum!

This is an interesting question, and I suppose you can do it if the one co-owner lives in the home as their primary home, and the other non-occupant co-borrower can also claim the home as an investment home, because they don't actually live there. The problem arises if you are both trying to write off the mortgage interest, and/or costs of upkeep.

I am not an accountant OR an attorney...but my guess would be that if you are both trying to write off expenses on your home...I would highly recommend that you get together and be sure that you split the expenses down the middle and only claim your half.

adonis · Posted: Wed Feb 13, 2008 3:40 am Post subject:

I don't feel it is possible. After all, both are co-owners, so they share similar ownership rights i suppose.

evolovik26 · Posted: Thu Feb 14, 2008 9:05 am Post subject:

to what purpose?
nonliving borrowers are allowed on some morgages such as FHA
as far as listing such mortgage will be owner occupied since one of the owners lives there

lisascherzer · Joined: 04 Jan 2008 Posts: 746 93.70 Dollars($)

Hi crescenze,

kpatrick is right. If the other person does not live in the home but is on the mortgage loan, they would be considered a non-occupant co-borrower. If you are able to qualify on your own, that would be the best way to go. If not, then make sure you ask the lender before wasting time on an application if they allow a non-occupant co-borrower as many lenders do not allow this.

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