The answers below about your father having to occupy the property are correct. However, even if he does, you will only get the benefit of one half the VA entitlement if you are on the loan as well. (essentially meaning that you will have to make a down payment of 12.5% of the purchase price of the home.
If he will not occupy the home, or you can't make a down payment of that much, I have the FHA program that allows a co-signed to not live in the house, but I also have a conventional loan that allows a co-signer to not live in the house. (not all lenders appear to be offering this program)
Please make sure that you speak with an experienced lender who will lay out various options and intelligently discuss the pros and cons of each with you.
I am available to help you at your convenience if you wish.
I also offer credit score improvement programs for free while we work on your mortgage.
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Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Direct: 240-752-7549 Cell: 301-651-7822
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If you are not a veteran, your father would have to occupy the property as his primary residence and be the primary borrower, not a co-signer.
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128