Best mortgage option for unique situation ??
We want to buy a home.. it would be my husband and I .. and his parents .. We will pool our resources for the mortgage payments. None of us have any debt. We own our cars outright and no credit card debt anymore. My credit is around 600 and I’m working hard to get it up. Hubby has new credit since he just legally immigrated. MIL & FIL have had work authorization SSN numbers since 2005 so also new credit. They had bankruptcy 5-6(?) years ago. Not sure if this followed to the working authorization SSN.
I make 42k before taxes – In job for 2+ years
MIL makes 35k before taxes – Same job field for 20 years – Has 2 jobs – SSN marked Work Authorization Only
FIL makes 20k before taxes – Same job for 20 years – Has SSN marked Work Authorization Only
Husband makes 30k before taxes – Just legally immigrated – Brand new credit & brand new legal working history
We are looking for around 350-450k (los angeles) .. what is our best option for a loan ?? Please no rude comments..