We're buying a mobile home. Only $87000. We have already had the banks pre-approval but because we only have 5% down we need CMHC approval for insurance. I have fairly good credit, but fiancé has none. I'm a student however, where my fiancé has the steady job (4.5 years). The bank was able to work with my credit, and his employment and both our income to get us the pre-approval. We just need the CMHC to sign off. Bank said a possibility of needed a co-signer due to the fiancés lack of credit. The mother in-law said she would, but was unsure if she could due to recently consolidating her loans. Anyone know if this would effect her being able to qualify as our co-signer? Or has anyone had a similar situation?
Read more: Can you cosign a mortgage loan if you have consolidated credit?
