Tips for Success:
Non-Occupant Co-Borrower vs.
Non-Occupant Co-Signer
Introducing a new occasional section of our eNews where we share tips for working with our home mortage programs
What is a non-occupant Co-Borrower?
A person who will be on the title, signing both the mortgage and the note, and not living in the property.
Non-occupant co-borrowers are not allowed with Start Up.
What is a non-occupant Co-Signer?
A person who will not be on the title, not sign the mortgage and not live in the property, and will sign the note.
Non-occupant co-signers are allowed with Start Up.
How do I use a non-occupant Co-Signer with Start Up?
DOs
- Make sure they sign the second mortgage note, if applicable.
- You may include them in the industry standard qualifying income calculation.
DON'Ts
- Don't have them sign any Minnesota Housing documents other than the second note, if applicable.
- Don't include them in the Start Up eligibility income calculation.
- Don't enter them into Minnesota Housing's loan commitment system.
- Don't include them in the household size because they will not be living in the home.
