How likely would it be for either scenario to work out -
1. Couple getting approved for a second mortgage. Facts-
-Couple in early 60s
-Both work & are paid above min. Wadge, one full time one part time
-Still have 20 yrs left on current mortgage
-Excellent credit score (above 750 each)
-Plan to rent home to family member
or 2. Persons above agree to co sign a mortgage loan with family member. Facts-
-Other person has low credit score (below 550)
What would the logistics of each scenario be?
Thank you
Added (1). House price would be $110,000
Read more: Second Mortgage/Co Signer Mortgage Approval Potential?
