Yes it is allowed; however, per FNMA selling guide section B2-2.04 below - if income from non-occupant is used for qualifying max LTV is 95%

FNMA:
For DU loan casefiles, if the income of a guarantor, co-signer, or co-borrower is used for qualifying purposes, and that guarantor, co-signer, or co-borrower will not occupy the subject property, the maximum LTV, CLTV, and HCLTV ratio may not exceed 95%

Original question:
Does our HHM 97% product allow for a non-occupant co-borrower? I could not seem to find anything through their selling guide in OB.