Can he get approved for a $50,000 mortgage?
Hey so my bf is planning to buy the house his mom and sister live in for them. It's being sold to him by his grandpa for $40,000 and he wants to buy it to put a roof over his mom and sister. Will the bank approve him of the mortgage? We live together in an apartment right now, he earns about $1600 to $1800/month after taxes, his credit score is probably around 670. Would he be approved for this loan? What do they look at when you apply for a house mortgage?I earn $2000/month after taxes and my credit score is 727. He thinks we can get a better mortgage deal if I could cosign. I'm not saying I will, I'm still thinking about it.
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