Updated over 8 years ago on . Most recent reply
Would I be able to get an FHA loan after getting a conventional?
Hey team, my mom is a few steps in the process of purchasing her second two unit property listed at (I'm helping). The seller accepted an offer of 73,000. The mortgage broker just informed me he found a short sale record on her credit report from December 2014 (long story but the short of it is she cosigned my sister's home which she defaulted on and ended up buying as a short sale). In order to qualify for a conventional loan the short sale closing record needs to be 4 years or greater.
She won't be able to take out the loan and I'll be next up to qualify for the loan.
If I go through with this loan, she would be paying the 20% down and mortgage payments. I don't have any worries about her being responsible.
BUT! I want to know, would I ruin my chances as a first time home buyer (unable to get an FHA loan on the next property I'd like to buy) by putting my name on this conventional loan? Any drawbacks or repercussions?
I have until the next day to get back to the mortgage broker so any advice is greatly appreciated!