Problem financing my first Home (FHA Loan) - Help

[Malik Shamsuddin]

Hi everyone, 

I'm currently in an unfavorable situation that I can't seem to find my way out of. Hopefully I can get help here at BP. I currently live with my brother and his wife and I'm looking to move out into a multi-unit house (3-4 units) through an FHA loan.

My credit score is excellent and my income is good sufficient.  The issue is i'm a cosigner/co-borrower (not sure which one) for their house with my sister in-law.  

From my understanding, I need to get my name out of this house so I can be approved for a FHA loan, but the issue is getting the house refinanced out of my name. My sister in-law debt to income ratio isn't good enough to finance the house under her name and my brother has a foreclosure in his name (hence creating a problem for me).

We tried contacting a few loan officers and none of them were able to get my name out of the house.  I would really like to be able to finance a multi-unit home without putting more than 5% down, but I don't know what how.  Any suggestions?