My parents have $40,000 owed on a $97,000 home. Recently, a relative’s family immigrated from Asia and didn’t have enough credit to mortgage a house. My parents used their cash to mortgage a $200000 house with $160000 owed currently. Eventually (probably in the next two year), they will transfer the ownership to the relative but currently, it’s still under my parents’ name.
We don’t live in the second house and my parents’ don’t pay the monthly mortgage bill for that house at all. Since it’s technically not ours, I’m not sure if we need to include it as one of the assets. Do you have any advice?
My parents’ income is $66000 in 2018 (with a lot of overtime hours). Their hourly rate is only $12.80 per hour. We’re a family of three. Am I still eligible to apply?
I hope to get some advice and comments on our situations.