Contractor · Orofino ID, Hollister CA · Member since 2021 · 139 posts · 71 votes
So my son is 19 and wants to start real estate investing. He was in college until covid hit and now he has decided not to return. He did have a restaurant job but has worked for me for cash for last 6 months.
My question is can we get him a FHA loan with the good rates and low down if we cosign for him. I can start paying him on the books but even that would take some time, I imagine, to establish his income.
Also he would be moving states. But he would still have enough income obviously to pay the mortgage. We would also be doing a house hack as the potential property is a triplex. Not sure if that matters or not.
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
5y
The buyers needs to have 2 years of income in the same profession/job type was what we were told. I was not interested in being a co-borrower. As a co-borrower they would decide based on my income/debt ratio and count it as my debt. Not sure if FHA allows lower down payment. In a triplex they would count some of the rental income. Look at state specific first time buyer programs as well as FHA they sometimes have more lenient requirements.
Also whats his credit score? that will matter because for co-borrower they can use an average.