Does a FHA co-signer have to wait 2-3 years to get their own FHA loan?
If my brother co-signs on our FHA loan this year with a co-signer release on the loan in the contract to remove his name after 12 on time payments - can he be removed from our loan and apply for his own FHA loan should he want to buy a house in a year? Or would he have to wait the 2-3 years. *note: he would not be on the title as a co-borrower, just on the mortgage as a co-signer*
- kemperkLv 71 decade agoFavorite Answer
he does not need to wait at all depending on his economic situation.
[especially check with your county treasurer's annual tax
foreclosure sales]Source(s): RE broker
- ansellLv 43 years ago
maximum in all probability you gained't qualify even with your mom and father as a co-signer given the quantity of debt as against income. you'd be requested to teach your very last 2 years of tax returns - once you've earned better than $33K gross for each and each of the basically suitable 2 years and performance the deposit and shutting expenses kept, you may no longer favor a co-signer. stumble on a private loan broking service that is conscious about FHA loans and performance him/her attempt to get you pre-licensed.
- RangerLv 71 decade ago
Once he is released from his obligation to FHA, he is eligible for a loan.