FHA loan question
01-25-2013 02:03 PM
Hey guys, I have been living in an apartment that is so expensive and draining, for a comparable home I would save over $500 even after utilities!
The issue is my income isn't provable. MY credit score is a little lower than 700 which I expect to get better by march (several new accounts including a car loan will age 1yr). IT will be around 690-700 at that time. I want to get an FHA loan. My dad on the other hand has the money but not the credit worthyness (he makes approx $200,000+).
My dad said he may have a tax liens as well. I own a business and in my office building an appriasal company owner and I had talked about this. He called his dad who has been a loan officer for decades and his dad thinks I can get an FHA loan with my dad cosigning.
He said he knows for a fact he saw a similar situation a year and a half ago, they used the primary (occupant) persons credit and a cosigner (non-occupant) for income. The co-signer wouldn't be living in the property, so they wouldn't be on the deed, meaning the co-signer's obligations would not become my own.
I have no negative credit history except for a 3 year old 30 day late (total mistake). My credit util is probably 20% and decreasing.
If you all have more insight, I would love to know before I get too excited. $500 a month more in savings would be lovely!