we can in a house without a decent income?

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My husband and I want his parents’ home last year when we all buy foreclosed (his parents and us) live together and financially independent. There will be real cheap, but we do not have the income for all mortgage loans (we’re young and 2 children trying cert college completely) cover. Is it possible to get a loan signed under our credit facilities during his family pay the majority of the mortgage?

3 Comments
  1. Reply
    Ryan M
    May 3, 2011 at 11:43 pm

    As long as all four of you are on the mortgage AND the combined income is enough to afford the payments, there should be no issues.

  2. Reply
    jlf
    May 4, 2011 at 12:05 am

    If you’re going to use your in-law’s income to qualify, then they have to be co borrowers on the loan. You can’t cherry-pick your credit (only) and their income (only).

  3. Reply
    Abigail
    May 4, 2011 at 12:18 am

    When applying for a home loan your credit report will be reviewed and you may be required to provide a number of other details, including: Employment and income records, Tax Returns for the last few years List of assets, List of liabilities and what you owe, Your budget showing monthly living expenses so that you can demonstrate an ability to pay.

    http://www.worldbestloans.com/homeloans.htm

    With this information you and your lender will be able to determine the kind of home loan and size of the right mortgage for you. In some cases, you can obtain a pre-approval or pre-qualified certificate, which shows how much you can borrow so that you can then shop for homes in an appropriate price range.

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