I realize that the laws will most likely be different, but I am interested in knowing what they are now, because we would only be living there for about 6 years and it effects whether or not my in-laws are willing to co-borrow with us.
The reason they need to co-borrow with us is that we don’t have a high enough income to meet the debt to income requirements to qualify for a loan. We have talked to 3 separate lenders and each has said that having them listed as a co-signer would not be enough to qualify us. We do have enough saved up to put a good sized downpayment on a house, but since my husband is still in school we don’t have enough of a combined income to qualify for a loan on our own.
