Hoosier Homes Guide
Can Non-Occupying Co-Borrowers or Co-Signers Be on the Loan?
Co-borrower policies for Hoosier Homes follow your first mortgage program. Check with a participating lender for your specific situation.
Co-borrower policies for Hoosier Homes follow your first mortgage program. Check with a participating lender for your specific situation.
Whether a non-occupying co-borrower is allowed with Hoosier Homes depends on the first mortgage program you are using.
For example, FHA allows non-occupying co-borrowers (such as a parent helping a child qualify) under specific guidelines. Conventional, VA, and USDA each have their own rules.
The Hoosier Homes second mortgage itself does not add a separate co-borrower restriction beyond what the first mortgage requires. However, at least one borrower must occupy the property as a primary residence for the forgiveness terms to apply.
Discuss your specific co-borrower situation with a participating Hoosier Homes lender to confirm eligibility under current guidelines.
Whether a non-occupying co-borrower is allowed with Hoosier Homes depends on the first mortgage program you are using.
For example, FHA allows non-occupying co-borrowers (such as a parent helping a child qualify) under specific guidelines. Conventional, VA, and USDA each have their own rules.
The Hoosier Homes second mortgage itself does not add a separate co-borrower restriction beyond what the first mortgage requires. However, at least one borrower must occupy the property as a primary residence for the forgiveness terms to apply.
Discuss your specific co-borrower situation with a participating Hoosier Homes lender to confirm eligibility under current guidelines.