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olsonpets · Joined: 04 Apr 2011 Posts: 1 1.44 Dollars($)

I jointly own a town house with my brother. We are both on the title. The property is valued at $140,000. There is a $101,000 mortgage on the property in my brother's name only. My brother would like to relinquish his interest in the property. I would like to keep the property as investment property and am looking for a mortgage lender that will finance a non-owner occupied property. My income is insufficient to qualify alone. My spouse would apply or co-sign for the loan with me. Together we will qualify. I've been told by a bank mortgage broker that they consider this to be a Non-Arm’s Length Transaction making it ineligable to be financed with them. Are there lenders that will finance a non-owner occupied property when the sale/purchase is considered to be a Non-Arm’s Length Transaction?

smithsussane · Posted: Tue Apr 05, 2011 12:03 am Post subject:

Hi olsonpets!

Welcome to forums!

There are lenders who may help you get a finance for non-owner occupied property. You already have equity in your property. If you have a good credit score and income, you won't face any issues in getting a mortgage. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you with a loan.

Feel free to ask if you've further queries.

Sussane

tfaulhaber1 · Posted: Tue Apr 05, 2011 12:02 pm Post subject:

What lender was this that denied your loan. If you're staying on the loan, I have to believe there's a lender out there that will finance it.

gmakerley · Posted: Thu Apr 07, 2011 10:10 am Post subject:

I agree - not only is there a lender out there for every transaction that people can dream up, but what you describe isn't all that odd. I agree that it's not arm's-length, but that ought not to prevent lots of lenders from giving full consideration to financing you.

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Are there lenders that will finance a non-owner occupied property when the sale/purchase is considered to be a Non-Arm’s Length Transaction

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