Husband co-signed on auto loan for his mom after I said no?

U need seriously major marriage counseling.
U need to start saving money In own personal back account in different banks
Refinance laughing OUT loud NOT happening.
SIMPLE.
M I L doesn't qualify for new loan ?
M I L will NOT qualify for HIGH interest loans on USED car.
"Fix" credit score takes 2 - 3 yrs easily.
He's lying to u Simple.
Neither of u NOW qualify for a mortgage.
Only place u going to be living is small safe inexpensive 1bed/bath apartment to rent.
He will NOT"take" his name off loans until she Refinance some time 3- 4 yrs from NOW.
Keep job hunting
Keep using the pill / iud.
Keep ur car in good running shape.
Make Absolutely sure M I L keeps full coverage insurance policy on the car.
Get a life insurance policy on M I L with YOU as beneficiary.
Again marriage counseling is something u / he needs FAst b4 kids

I think you should focus on getting another job. Then you need to get marriage counseling: he's not playing on the same team as you, and vice versa. You need to communicate better with each other.

For a mortgage, they generally want to see you in the same job for two years, or at least the same career with no gaps. So your losing your job in August and not having a job in September will be a red flag to a mortgage company. Focus on getting that job.

For debt, mortgage companies want to see that the mortgage takes about 28% or less of income, and all debt combined is 36% or less. That means that, if the car payments are $400, for example, and your husband makes $48,000 a year, then the car payments alone (both cars) are equal to 10% debt. Oh, and you'll need a downpayment. If he's a vet in America, it's lower, but often you need 20% down. That means that for each $50,000 in condo costs, you would need $10,000 in cash. Go for a rental now since you have to move.

Focus on getting a job, and moving, and getting therapy. Oh, and use good birth control until you both learn how to communicate better.

For refinancing a car, contact a nearby credit union and ask some questions. But, since you don't know her finances or her credit score, you won't really know if/when she can refinance. And frankly, her saying that it would take a year means nothing. This is a woman who understands so little about money that she needs her son to co-sign a loan. If she knew how to fix her credit problems, she already would have.

Will he be able to get a mortgage? It depends on his income and total debt.

She will have to refinance to get his name off. That is the only way. She will have to fix her credit & yes it takes awhile. You can still buy a home if your debt to income ratio is good, but moms payment will be counted against you.

Doesn't matter if mom's credit is stellar or not. It's highly unlikely that mom will be able to refinance the car loan for two reasons. 1) unless that down payment was large enough to make the loan value of the car higher than the balance owed at the time of refinance, refinancing will not take place. 2) a lender is not going to refinance the car because that would remove a secondary source of car payments should mom default. Her credit isn't that good otherwise, she would not have needed a cosigner.

Mom will probably not be making any payments. Mom will think that her son would never take her to court and sue for the money. What son would? Her son does not have repossession rights to the car - that stays with the lender. He might be a co-owner if his name is on the title.

As for getting a mortgage, that would depend upon credit scores and your family income.

Probably take 15-18 months of on time payments for her to refinance.

The extra car loan could keep you from getting a mortgage loan. Or reduce the amount he could get.

28 and 36% are the limits.

Well ... she did support him for 18 years. And now he has assurance that she will be safe on the road. imo it might make a difference if this deal was done before or after you lost your job. {But now you will at least be getting unemployment $ for a few months so you still have options.} [What does "get our own place" mean? Move out of MIL house, move from tiny apartment to bigger place, buy a condo,,, ?] Fortunately, car loans are only for a few years, and hopefully MIL can keep up with the payments. As H & W you would apply for a condo loan together.

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It doesn't work. He can't take his name off it.

apparently he felt he was able to help his mother
your joint ability to get a mortgage on a house/condo will entirely depend on the amount of money you have down, his income, and the liabilities he has, which now has a new car loan(your own) and any credit cards you have, his co signing may or may not adversely affect the chance to get a loan but now that you are not employed, chances get drastically siimmer

I'd be livid! I understand wanting to help family if you can, but she did not NEED a BRAND NEW 0 MILES CAR! Especially when it's setting you back for buying a house. I'd probably divorce my husband to be honest, but I know most won't agree with that (oh well, that's the beauty of my life=my choice, not yours!). I'd call the bank you'd be trying to get the loan from and see what they could do, you may still be able to get a loan, unfortunately it would be a smaller loan now that your dumb *** husband went behind your back and co-signed for his mommy. I wish you the best of luck! I don't know how you'll manage with him, or her quite frankly!

Mother is mother. He wants to help his mother, encourage him.

Your husband is an adult and does not need your permission to do anything.