That will depend on your co-signer's debt-to-income ratio. If your co-signor is carrying a mortgage along with any other debts (credit cards, equity lines of credit, business loans etc.), co-signing to your loan will be added as well. I'm not a loan officer but you should discuss this with one and check it out.
Having a co-signor is not a bad idea. Just depends on the co-signor. Less debt plus income earned equals possible loan opportunity.
Best of luck,
If you like your wife, do not let her dad co-sign, tell them your uncle Jim said not to do that. I turn down a parent fairly often because they have co-signed for a kid, not good. Yeah, he offered, she wants the house, etc. I bet he hasnâ€™t done it before.
If pops is so rich it doesnâ€™t matter let him buy the house and finance it for you.
Back to you, have the loan officer use your new pay scale and see what that does. If you have over $800 a month in payments already you shouldnâ€™t be buying a home. Good luck,
NMLS # 6395
Financing Kentucky One Home at a Time