Deadbeat dad blows up daughter's FHA deal

[Steve P.]

Great foreclosure deal in grandkids school area that my daughter & new son-in-law would make very good use of. But they can't use their credit as they both have child custody cases on going. My daughter's ex is tens of thousands of dollars behind and will never make it up. I have good credit and am in on the deal as a co-borrower. I have good credit but the debt-to-income ratio is high. Just need another strong borrower but can anyone give me some ideas how to structure a win-win for a co-borrower co-investor. How do we find this investor?

Need to keep it FHA so we have 3.5% down pmt. only. Home is worth $90,000 more than we buy it for if it is put into top notch condition which would cost about $15,000. Payment with mortgage insurance is same as they are paying in rent where they are at now.

[Steve Babiak]

Originally posted by ecycletrike:

.... Just need another strong borrower ...

So you actually think there already IS a strong borrower involved! Who is going to be (stuck) making the payments when another co-signer is needed?