Hi Robert,

My first question for you is did you also talk with a mortgage professional 6 months ago or just a real estate agent? If so, did they give you an advice or put you in touch with someone who could help you repair your credit situation? If not, that was a disservice to you. If you would like to get some advice on what to do to improve your credit let me know. While I am certainly not a credit repair company I can offer some advice on what to do - over time - to get your credit back on track.

That being said, it is my understanding that the lender will require that you to be able to qualify on your own as far as income goes. The co-signer is there just for credit support. It is also my understanding that you must have the minumum credit score required for that particular loan program even if you do have a co-signer. If your credit scores were not high enough another option would be for him to purchase the home for you but as investment property then you do a lease to own type contract. But lenders are requiring a 20%+ down payment for invesment property so that may not work.

As far as the tax credit goes, I have heard several different answers. Your best bet would be to go to the IRS website http://(www.irs.gov) or call your local IRS office. I would hate for you to get the incorrect information and not be eligible.

If you don't end up purchasing a home right now at least start the process of improving your credit so 6 to 12 months from now you CAN qualify for a mortgage.

http://activerain.com/blogsview/449665/fha-non-occupying-co-…

Robert, I linked you to a short article about how FHA allows for co-borrower. I do a lot of these loans.

The co-borrower doesn't cure bad credit. It can help with income though. You must be able to qualify for the home with your credit.

If you were to use a co-borrower, you can still claim the $8000 tax credit.

http://dallasloanguy.com/docs/about_credit.pdf

Dear Robert,

Please get in touch with Denese Weems at Onion Creek Mortgage TOMORROW!!! Her info is as follows:

direct 512-642-6678 cell 512-567-6986 fax 866-530-9183 Denese@TexasMortgageLady.com

Under the right circumstances your Father can cosign on your loan and you can still get the First Time Buyer Tax Credit. You need to allow 60 days to close to be on the safe side (unless the tax credit is extended) which means you need to be under contract to buy a house by October 1st because loans are taking longer to close. Only a lender who does these loans and looks at your full credit report and your Father's credit can tell you whether you qualify. Too bad you didn't work on cleaning up your credit 6 months ago. Even if you don't qualify, follow Denese's instructions regarding credit clean up so you do qualify the next time there is a opportunity.

I live in Cedar Park and am very familiar with the Cedar Park/Leander market. Please call me if you need to find a house fast. See below for my contact info.

Nancy Filgate
ABR, CRS, GRI, e-PRO
REALTOR®
Avalar Austin Real Estate
nancy@filgate.com
Mobile: 512.351.1497 Home Office: 512.528.1651