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In Colorado, we are aiding our 21 year son and his family to purchase a house. Our locale has a down payment assistance plan for which he is income eligible. Having only a 6 month credit history (who knew you would have to go into debt before you could buy a house) the bank is requiring co-signers (us). The bank is also requiring for this FHA loan that we are on the title. The down payment assistance program allows co-borrowers, but not co-title holders if we are not residing in the new home, which we are not. Are there special provisions for an FHA loan which would allow co-borrowers to be exempt from title?

jameshogg · Posted: Tue Mar 02, 2010 10:54 pm Post subject:

Hi Sparrowspetal,

If you want to co-sign for the mortgage, then you should have your name on the property deed. If you don't do so, lenders will not be ready to let you cosign for the loan. As far as I know, cosigners can't be exempt from the title of the property.

Thanks

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Co-borrower and Title