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How to have a parent help buy a home- advice needed

My wife and I have relocated to WA and are trying to buy a cheap fixer house to live in, add value through sweat equity, and make our home.
She is self employed and her five year average of net income is negligible at the moment.
I am about to start a seasonal job, but as such it can't be counted towards our income either.
The house we're looking at is $75k, and we could put 20% down ($15k).  My father is willing to co-sign, but according to FHA, we still have to provide 50% of the income.  
Does anyone have any creative thoughts on how to use my dad's proof of income to finance, yet avoid capital gains/gift tax issues when we would take ownership in the next year or so?  We want to only spend our money so that he is not out of pocket anything at the end of the day.
Thanks 
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December 12 2013 - US
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Answers (2)

For an FHA loan with a non-occupant co-borrower. You would not have to contribute 50% of the total income. The co-borrower can support the loan on their income.
We do loans in all 50 states.
Contact me per my zillow profile.
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December 12 2013
Just have your father buy the home, then sell it to you next year when you can afford it.  He can sell it to you for the same price he bought it (or only slightly higher to cover his costs) so you don't have to worry about capital gains or gift taxes.

The only risk is on your fathers side, because if you don't get a job or earn enough to buy the home in 1 year, he will be stuck with it until you can.

Personally, I think you and your wife have to get jobs first then think of buying a home.
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December 12 2013
 
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