Need Mortgage Loan Advice
Well to start with we live in New York and our situation is this, we are being forced out of our home by a family member in regards to him being an executor of our uncles will who passed away several months back. We accept that we have to leave and we found a house that we really like. However my husband has fair to good credit and about 7 months back he co-signed a mortgage loan with his mother for a large amount. However he is also listed on both the property and the home so I think this could be considered an asset but the loan is also considered a debt and is working against us because she can't refinance without him listed on the loan due to her lack of income. I myself have bad credit, but my mother has good credit and she agreed to co-sign on the loan with us. My husband is currently the only one with an income and he grosses about 50,000 per year and the loan we want is for 68,000, we have the 10% down payment (even more if we have to) and money for points to buy down the interest rate. Does anybody have any input as to any options we have or if we stand a good chance of getting this loan. Thank you for any advice you can give.
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