In-laws are in their late 70s. FIL has bad credit. MIL has around 700K and wants to buy a house for 420k. She wants to put 200k down on it and get some sort of mortgage for the rest.
Since she hasn’t worked in over 20 years, she is worried that she won’t qualify even with an 800 credit score. My husband is willing to co-sign with the agreement that she puts another 200k in a trust in case something happens. Will a mortgage company lend to her in this scenario or will they require my husband to be a co-borrower?
(She also gets around $1300-1500 in social security. We aren’t counting my FIL’s social security because he won’t be on the loan.)
original posted by sweetpea813 to r/personalfinance on Thu, 07 Mar 2024 23:13:58 GMT.