My brother has the credit, I have the money

2 Replies

Good afternoon everyone,

I'm currently faced with an obstacle. I'm looking to do my first buy and hold but have zero credit, but I have money set aside to put down for an FHA loan. So, I asked my brother if he would like to do a deal together, combining his great credit with my capital and we somehow split the profits with this buy and hold. He's in.
My question is, how can we make this happen?
FHA requires an income, something I don't currently have, since I'm moving across the country anyway. I was told there's always a way to get started and not to give up. I'm stuck and in need of answers.

Have your brother be a co-borrower, build up your credit, get situated with a job and eventually you can remove him from deed if he wants to. You shouldn't have any issues with an FHA loan in your situation, that's why FHA was created for people with no credit/bad credit and lack of finances. But, between the both of you, you guys have both resources. Make it a team project and one of you be a co-borrower. Btw my first home 3 years ago was an FHA and it was the BEST thing I ever did. I give so much credit to my FHA loan for giving me the opportunity down the line (now) for me starting my own investment company. Good Luck!

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