Co-signing for Parent & Approval for Separate Pre-con
To paint a better picture my income is approximately $83,500.00 and my wife's is approximately $80,000.00.
We also selected approximately $30,000.00 in upgrades on the pre-construction so the total price will be around $672,900.00 with a minimum down payment of $134,580.00 (it most likely will be more depending on the profits on the sale of our current property). So we'll need a mortgage of at least $538,320.00.
So to summarize, given that my wife will potentially co-sign with her mom on a $165,000.00 - $200,000.00 mortgage, will we have any issues with our own property mid next year when it comes time based on the above?
Breakdown of the individual properties below.
$165,000.00 to $200,000.00 mortgage
$21,000.00 + $80,000.00 income
$4,000.00 property taxes
Our Upcoming Pre-con:
$538,320.00 mortgage. Potentially less depending on transferred profits from sale of current property.
$83,500.00 + $80,000.00 income
$2,800 property taxes