Has anyone heard of having a 3rd signer on a mortgage loan?
I'm looking into buying a home with an in-law suite to be used for exactly that. The problem is, a larger home with an in-law suite is significantly more expensive.
Has anyone ever heard of using you, your spouse's, and one of your in-law's income to get approval for a home loan that would be capable of such a purpose? My in-law already lives with me and has been paying rent for a significant amount of time. They have a great job but purchasing a home on their income alone is not likely. I've thought of different ways to claim their rent payments as income and other ideas but so far the benefit hasn't outweighed the cost here.
Any info would be highly appreciated.
original posted by Belgarath130 to r/personalfinance on Wed, 28 Feb 2024 15:56:59 GMT.