How can I buy a house or FHA financed- fourplex with a VA loan?

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I earn $ 10/hour and work full time. Can I buy a small house in a cheap real estate area (Denver)?
If my wife’s parents help, we can get the $ 8,000 from the gov’t but they don’t have good credit. My father has great credit and might be able to co-sign but how would 3 signers and one co-signer affect the terms of the loan?

Would it be legal for my Dad cosign on the loan and then my mother and father in law help me pay the mortgage but not be on the loan? My father in law is a Veteran but has terrible credit and DTI ratios.

My expenses are about $ 700/month and the field I am working in, I have been working in for over three years. I own a home in another state which I bought in May 2005. I have never missed a payment and it has been rented since Feb. 2008.

2 Comments
  1. Reply
    Professional Peon
    April 29, 2011 at 10:18 pm

    Let’s see. You dad is allowed to cosign, but if you need to use their income to qualify they they would both have to cosign. But him having great credit won’t matter, because out of all the people applying – the median score of the person with the lowest overall score is what they use for qualifying purposes.

    However, if you father already has a VA loan he cannot get another one. You also will not get the 8k rebate because you both already have homes and that is only for first time buyers. But I believe there is a new $ 6,500 credit for non-first time buyers.

    You cannot count the rent that you make from your house if you have not been putting it on your tax returns so you will have to be able to pay both mortgages on your and any co-signers incomes and of course you have to factor in all the DTI ratios as well.

    So it depends on his VA status, if you claim your rental income and the overall debt to income. Oh also you may not be able to do a VA loan if he is not going to be residing on the property…. sorry but I forget if that is a requirement or not, hopefully someone else will chime in here.

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