Getting a cosigner for your FHA mortgage is a great way to get help if you can’t qualify for an FHA Mortgage on your own. No, it won’t absolve you of your credit sins (you can go to http://www.improvemycreditusa.com for that) but it can help you qualify for the home that you want to purchase.
For example, lets say that you are the parent of a college age student. Rather than parking your scholar in campus college housing or an apartment for four years, you can help them purchase a home in their college town. Yes, I know that they will be studying hard and have no income, but you can use the rent that you were going to pay at the dorm to pay the mortgage for them, and they will graduate with an additional asset. Heck, they can probably get a couple room mates to defray their mortgage expenses!
For more information on the FHA Cosigner mortgage program, feel free to call me at 281.841.1723.