Profile picture for user2112877

Am I able to obtain an FHA loan when I co-signed on another home loan for a friend

In 2008 my friend needed my help to obtain a home loan so I co-signed to help out. My name is not on the deed just the loan. I would like to purchase a home in the next year but I fear i will have to rent for the rest of my life because I co-signed.
  • August 05 2013 - Raleigh
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Answers (4)

Profile picture for wetdawgs
You have several options:

1.  Your income is high enough to account for both mortgages.

2.  Your friend refinances in friend's name only (or with a different co-signer if friend can find another sucker).

3.  If  your friend can't meet your deadline, then let your friend know you wish for friend to sell.  Of course, if they are underwater that may also be painful.
  • August 06 2013
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Profile picture for user2713534

If I was you, and all else fails as in regards to you getting your first mortgage.  I would ask your friend to sell. so you can buy sounds harsh but that's the reality of the situation.  Also never co-sign for anyone, credit cards, cars or best friends mortgage. 

  • August 06 2013
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Profile picture for user2112877
Unfortunately my friend is not in a good position to refinance. However the lender on the home loan only reports to 1 credit bureau. Hopefully that helps with something.But the mortgage payments are being made on time.  
  • August 06 2013
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If your income is high enough to qualify for both mortgage payments you might be able to purchase your own home. Also, is your friend in a better position now so that they would be able to possibly refinance to remove you from their loan?
  • August 05 2013
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