Parent co-signing for a house.....?

My sister-in-law just had a HUGE wedding. She was given the choice of a wedding or a down payment for a house and she chose the house. Now my husbands parents want to buy a house down the street from them. Since they aren't first time home buyers they want the sister to get it and they will co-sign for her.... show more My sister-in-law just had a HUGE wedding. She was given the choice of a wedding or a down payment for a house and she chose the house. Now my husbands parents want to buy a house down the street from them. Since they aren't first time home buyers they want the sister to get it and they will co-sign for her. (Choice my butt!!) Yet, I was just curious. If a parent co-signs with you (and they own a house) are you still considered a first time home buyer since you have someone else on the title who isn't?
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