I am in a tight spot. I am wanting to buy my house. I have a decent credit score and 8 years on my job. Here is my problem: I pay a good deal of child support which brings my debt ratios way up. To offset the loss of income, I foster parent, and do quite well budgeting it. I also have income from a small business, but it is less than a year old and companies do not want to count it. Foster income I have been told will not count as income, so it looks on paper that I cannot pay my bills. I have no problem doing so month after month. I need approximately 10k to complete my deal. Any thoughts?
2006-11-06 14:56:09 · 3 answers · asked by dejohnson02 1 in Business & Finance ➔ Credit
You seem pretty smart. Have you researched government first time homeowner assistance programs for parents?
Make sure youre dealing with a gov't program (not a for profit or independant company). Some local programs AND state-wide programs too!
http://search.yahoo.com/search?p=home+buyer+assistance&fr=yfp-t-501&toggle=1&cop=mss&ei=UTF-8
2006-11-06 15:04:39 · answer #1 · answered by catlantah 1 · 0⤊ 0⤋
If you have the needed 'cash flow' to buy, insure, maintain and pay taxes on a house, set aside this money every month in a money market account. When you have accumulated the additional 10K you need, buy a house. 12 to 18 months from now, housing prices will likely be less than they are now in most areas of the country (the housing bubble has 'burst'). This approach will be a 'win-win' for you.
Best wishes and good luck.
2006-11-06 23:06:51 · answer #2 · answered by Doctor J 7 · 0⤊ 0⤋
To qualify - ask your loan officer to go "stated income"......to get 10K.....I have no idea.
2006-11-06 23:14:52 · answer #3 · answered by Paula M 5 · 0⤊ 0⤋