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You probably will have problems getting ANY mortgage approved. As a co-signer, you are equally responsible for your sister's mortgage. That means it will be included in your debt to income ratio. So unless you have a HUGE income and very little debt, you simply won't qualify, no matter what the FHA loan requirements or your credit score/history.

It is NEVER a good idea to co-sign with anyone you are not legally married to. Not only can your sister screw up your credit by making late payments, your name on her mortgage will keep you from buying a home. Might even keep you from qualifying for a car loan or other credit.

maximum possibly you will no longer qualify regardless of your mothers and dads as a co-signer given the quantity of debt as against earnings. you would be asked to instruct your final 2 years of tax returns - in case you have earned better than $33K gross for all the final 2 years and characteristic the deposit and shutting expenditures saved, you won't choose a co-signer. detect a loan broking provider that is familiar with approximately FHA loans and characteristic him/her attempt to get you pre-authorized.

You would have to show the bank that you have the income and ability to carry two mortgages, since you are liable for the mortgage you cosigned on.