Coborrowing for a FHA loan

1 Reply

Hi,

Looking to make my first purchase soon. 

I probably would not qualify for a FHA loan (overqualified), but my mother could very well be a candidate for an FHA loan. However, id be the one handling the financial responsibilities (funding the deposit and repairs, paying the mortgage, etc) as well as managing the property.

In this case, do you think we'd be able to coborrow or cosign with only one of us meeting the criteria for a FHA loan?

@Ameer Savage what do you mean by "overqualified"? There's no income restrictions on FHA loans. What criteria do you not think you can qualify on?

Also, it sounds like you are buying this as a rental (with "managing the property")...FHA loans you do have to live in so give me some information and I can guide you correctly. Thanks!