Hmmm, I've never done a co-op so I don't know what the potential pitfalls are.

My mom is a co-borrower (I would not get approved without her).

My mom is a co-borrower (I would not get approved without her).

He agrees to use his VA no down payment eligibility and have me as a coe-signer so that i can live in it.

Technically you cannot live in a home without a CO,  you can possibly get fined or even sued by the city for not having one. 

One way around this is with a co-signor, if I absolutely want an A-Lender mortgage.Many B-Lenders in Ontario will work with "Stated Income" such as non T4 like Commissions, dividends, stock options, etc.A high level connection at an A-Lender bank can waive all of these requirements.If by the time my Condo closes I have additional assets under my name, everything changes in my favor. :-)Of course your results may be different.... but this is what I have learned that applies to my particular situation.. in Ontario... specifically Toronto.

Because I am going to purchase this property, the town will come out to inspect it before it issues a CO.  

Yes, the appeal is that you get a co-singer.

My girlfriend was telling me yesterday that this just happened to a co-worker of hers.

You could be a co-signer...if you are a veteran yourself.