Penalties with a foreclosure still on my record

[Carlo Franciotti]

I own one home and have one investment property. I am looking to finance an additional property with a friend but I am wondering if my friend will incure the penalties of me having a foreclosure on my record. Will he have to pay PMI if we cosign together? Will it be an FHA loan if we put 20% down? I know they usually go off the lower score/ person with a more volotile credit history, but I have a 720+ fico. The only dark spot is the foreclosure. What penalties will my friend incure if he cosigns with me?