My brother is living in a tiny house. He and his wife got blessed with their second baby, as their family is getting greater they are planning to move to another residence. Currently, they are running on a single income, that is my brother's!
They have some emotional bond with their primary home, so instead of selling, they are planning to keep it and then to buy another home! They have found an apartment near mine and almost up to buy it. They already have a loan on their primary home, it will be going to pay off in a couple of years.
My brother and I went to Northwood mortgage brokers to discuss the possibilities of getting a second mortgage loan. Unfortunately, currently, they aren't eligible for a second mortgage due to the income criteria! I guess they can make it up by renting their primary home, also his wife will be getting back to her work in a few weeks.
Please suggest any creative ideas for them to get qualified for the second mortgage at present.
PS: They are 100% confident about paying the monthly charge without any dues.