Mortgage underwriting using cosigner for 100%.

[Seth C.]

I am interested in buying a sfr for 400,000 in the larger California Bay area using an fha loan or similar. The property needs a rehab, but it is livable as-is. I have been out of the country so I have no job history, and not much savings. However, I do have a cosigner flush with cash, like at least 10-20 times the purchase price, who is willing to cosign the loan. A 50,000 rehab would increase the value of the property by 150,000, a 100,000 rehab would increase the value by 300,000+ (this property can have a second unit and the house is huge), so there is theoretically a lot of equity in the deal for a construction loan. To complicate things, the cosigner would NOT be willing to fund any rehab, and really wouldn't want to hear about it. I am perfectly willing to wait a year or two to get the rehab work done if I have to while I get back on my feet in the States. At the same time, grabbing 100-200,000 and buying something else would work just dandy too!

I don't think I could get a hard money loan, since I don't have flipping experience, and I don't have other sources of private funds at this point. Where should I be looking to finance this? What would you do to get this done?