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No income, father cosigning on a loan?

I'm a student doing  temp work, and my father wants to help me purchase a fixer-upper duplex. I've been looking at tax lien auctions. With my father co-signing, could I get a 203(k)? Is that nuts?
I've never bought a home and have OK/limited credit. He has two properties and very good credit.
  • March 02 2012 - New Orleans
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Answers (2)

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou

Here's a website that may help with some of your questions:)
  • March 02 2012
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203K loans are for owner occupied properties only.  The two banks that i utilized for this program do not allow for an non occupant co borrowers. So if you plan to try to use FHA (with your dad as a co-signer) you need to be looking at properties are not in need of repair or of FHA requirements.  I have however done a 203b loan (standard fha loan) with a non occupent coborrower (parent) of a student.  Keep in mind with stricter guidelines on the "occupants "income/credit qualification status. I would highly suggest that you get pre approved before you find something you like.  It sounds like your father has some experience in purchasing properties. Does he have a lender who has helped him in the past?  That is where I would start.  Good luck
  • March 02 2012
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