Home > HUD News!! > Owner-Occupant Transactions Involving a Non-Occupant Co-Borrower
Owner-Occupant Transactions Involving a Non-Occupant Co-Borrower
Owner-Occupant Transactions Involving a Non-Occupant Co-Borrower:
This is a new policy for owner occupant transactions involving a non-occupant co-borrower. This is allowable only on FHA insured owner occupant sales, where an owner occupant is required to have a co-borrower that meets FHA underwriting requirements. The new policy is as follows:
1. The non-occupant co-borrower may have their name placed on Line 2 of the Sales Contract. The non-occupant co-borrower can not sign the owner occupancy agreement.
2. The sales contract should reflect that it is an owner-occupant transaction. The non occupant co-borrower does not sign the sales contract.
- HUD Selling Broker Bonus Incentive 12/01/2011
The Atlanta Homeownership Center has approved the use of selling agent broker bonuses to selling brokers in Indiana, and Florida effective 12/1/2011.
