Dual Ownership Loan

[Real Estate Administrator]

I have a client that wants to purchase a home in the greater Austin area - he wants 3+ acres with a 4 bedroom house and a work shed. He would like to purchase the home with his dad, so it would be dual ownership. Is the process of obtaining a loan with dual ownership (father and son or boy friend and girl friend) any different than a loan for a single person or married couple? If yes, what is the process?

[Ashley Hall]

The lender will require that both parties fully qualify for the loan and both have acceptable credit for the type of loan they are applying for. In this case this would be a non-occupying coborrower, it sounds like, in which case the lender would require that the occupying borrower (the son) could otherwise qualify for the loan on his own accord, and if there is no issue with that, then there would be no issue with the non occupying coborrower (the dad)being placed on the loan.

If both parties intend to occupy the property then they would have to qualify for the loan like any other couple would.

[Real Estate Administrator]

Thanks for the info. It sounds like if one of them doesn't qualify individually, then they will not be able to be on the loan. Correct?

[eris456]

Does acquiring property requirements are same if the buyer is single or couple or family members? If the requirements are not same what are the specific requirements for a couple?

[Jonshena]

I'm currently living in a house with dual ownership and we are having problems with the property currently after one dispute we were told since we lived in one part so long its their turn now is it possible for them to force us to move to the other part.

[Sarahpaul]

Dual ownership depends on the value of the property whether or not the lender will foreclose on the property. If the sale price of the house is expected to cover the first mortgage and at least some portion of the second mortgage, the lender can decide to foreclose on the property.

[andy123]

The mortgage company can foreclose on the house to recover the second mortgage. They have the right to do so. However, since both the mortgages are with same mortgage company and payments are being made on the first mortgage, the mortgage company might not want to foreclose on the property at this point.

[Shaunmarsh]

The mortgage company can foreclose on the house to recover the second mortgage. They have the right to do so. However, since both the mortgages are with same mortgage company and payments are being made on the first mortgage, the mortgage company might not want to foreclose on the property at this point.

[jamescool]

The mortgage company can foreclose on the house to recover the second mortgage. They have the right to do so. However, since both the mortgages are with same mortgage company and payments are being made on the first mortgage, the mortgage company might not want to foreclose on the property at this point.

[pamelahike1985]

I am also living in a house with dual ownership with having problems with the property.
I get very nice idea from this. Thanks for sharing.