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I am currently working full time and making about 30,000 a year. I am going to be moving to Henderson, NV to begin pharmacy school and I have found that it will be cheaper to pay a monthly mortgage on a $70,000 loan for a house than it is to rent. Right now I don't have work lined up in the place I will be moving to but my father is willing to cosign. He is making 75,000+ and has no other mortgage. We both have excellent credit above 750. Is there a possibility of me getting a FHA loan without a job lined up to where I am going if my father cosigns with me?

adonis · Posted: Sun Feb 07, 2010 8:23 pm Post subject:

Hi student,

If your father, who has a job, co-signs for you, then I don't think you would face issues in getting a FHA loan to buy a property. You should speak to the local FHA lenders and check out the rates and terms that they would be offering you.

bg0427 · Posted: Sun Feb 07, 2010 10:37 pm Post subject:

If you and your father go on the loan together and he qualifies on his income alone than you will be ok. There really is no such thing as a cosigner in a mortgage. Its not like a car where your dad can sign and you are responsible. With a mortgage you both are 100% responsible for the debt.

But since they wont use your income in the equation your father will have to qualify on his own. You can go on the loan along with him.

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Student wanting to buy a house

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