Best mortgage option for unique situation ??

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We want to buy a home.. it would be my husband and I .. and his parents .. We will pool our resources for the mortgage payments. None of us have any debt. We own our cars outright and no credit card debt anymore. My credit is around 600 and I’m working hard to get it up. Hubby has new credit since he just legally immigrated. MIL & FIL have had work authorization SSN numbers since 2005 so also new credit. They had bankruptcy 5-6(?) years ago. Not sure if this followed to the working authorization SSN.

I make 42k before taxes – In job for 2+ years

MIL makes 35k before taxes – Same job field for 20 years – Has 2 jobs – SSN marked Work Authorization Only

FIL makes 20k before taxes – Same job for 20 years – Has SSN marked Work Authorization Only

Husband makes 30k before taxes – Just legally immigrated – Brand new credit & brand new legal working history

We are looking for around 350-450k (los angeles) .. what is our best option for a loan ?? Please no rude comments..

1 Comment
  1. Reply
    Eric G
    May 17, 2011 at 4:59 am

    Unique situation:

    I would look at an FHA loan, right now 100% finaning is out. No banks out there that I know of will cover that. Also there are some non-profit organizations that might be able to help out with silent 2nd mortgages and I would seek them out and see how much that they will help if you do not have a downpayment already. Let me know if this helps and congrats!

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