Should my mom co-sign for my mortgage loan?

[Skylar Mcgee]

My fiancé and I want to buy our first house but she is on a leave and I’m unemployed due to Covid, we have a sizable savings account but no income at the moment. We need help getting approved for a fha loan or any loan with a low down payment.

My moms house is paid off and she has no other mortgages, also her credit is decent. Should I pay her to co-sign for us? I want to buy a undervalue property so I can refinance it into my own loan once we go back to work.

Please let me know if this is a good option or even possible

[Brian G.]

@Skylar Mcgee imo it's not a good idea. If you need a co-signer the bank is saying you are not ready to buy a home. Why would you want to commit to a home purchase without an income? Even if it could work, it's not a good idea for you and your fiancé to be tied to your mom financially heading into a new marriage. This could create much bigger issues in your marriage than not being able to buy a house as soon as you would like. Be patient, focus on your income and wait until you are ready to buy.