[Robbin]

My husband and I are young newlyweds looking to buy our first home. My husband has no credit history and I don't show enough income for us to get approved for a mortgage. So his parents agreed to help us by cosigning on the loan. Our loan specialist from Wells Fargo got going on our pre approval, and decided it would work out best to put the loan in my and my father in law's names. When we were going over all the final paperwork, my father in law noticed that the contract specified that he would be putting his own $400,000 home up as collateral on our $150,000 loan. We are not buying as an investment property, because I will be on the loan and it will be my Primary residence. I just can't imagine that is a typical procedure when the majority of home buyers are selling their previous home, or don't have a house to begin with. what is the deal? should we go somewhere else for our loan?We have 10% down payment...