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Being a FHA cosigner

Hello,

I'm in a weird situation. I have been pre-approved for an FHA loan and my boss/friend gave me money for a down payment and closing costs. Since it's from an LLC my lender said it's too risky to move forward with the gift until it seasons in my personal account for on statement cycle.

In the meantime my mother and sisters home (they live together) has been sold by the owner and they need a cosigner to find a new one to take out their own FHA.

I'm the only option but I am not sure . Is the fact that I just got this huge gift into my account going to impact the cosigner approval? I know it was going to for me but how does it work as a cosigner. I will obviously need to discontinue my search for my own home by being a cosigner.

submitted by /u/throwaway4573890
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/j2zqz4/being_a_fha_cosigner/
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