Asked by Shannon Proverbs, Sacramento, CA • Tue Jan 26, 2010
I am a young professional interested in buying her first home. I make about 48K a year for starters, and only have 2 student loans as revolving credit. I'm still trying to rebuild my credit since I messed it up in college with collection accounts.
I am interested in an FHA loan. I understand you need a 620 and 3.5% down...my parents have something like a 750 credit score and have owned 4 homes...would I be able to have them co-sign without adding them to the mortgage? If I added them to the mortgage, would that not qualify me for 1st-time home buyer credits/ or FHA?
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