I co-signed on a mortgage for my son about 3 years ago and now I would like to purchase a home of my own. My concern is whether or not I will need to qualify with both my son’s mortgage and the new mortgage. I have prequalified with an FHA loan but worry that If I have to qualify based on two mortgages I will not be approved. Can you clarify what the guidelines are in this situation?
There is good news in this scenario dependent on how your son’s mortgage is being paid. Per FHA guidelines, as long as your son can prove he has been making those payments for the past 12 months, it does not need to be included in your debt as long as a few conditions are met.
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