how can you get into a home without any money down, bad credit and substancial debt?

Question

I have been in and out of the hospital and am unable to work , my husband makes over $55,000 a year but we are a family of 5 crammed into a 2 bedroom apt. He has student loans and bad credit from divorce. He had a home from his previous marriage, but I have never been a home owner. The question is how can we get out of this hole we are in and start moving on with our life? Iwant to try to be in a home b4 my 3 yr old son starts school.. because the schools where I currently live are unsatisfactory. we currently pay $650 a month in rent .. which is more than most of my friends house payments so I am wondering how do I get started trying to improve our situation and get into a home .. with $1,000 in debt each month and no way to possibly save for a down payment of any kind.

We have paid our rent every month, that is one thing we do make sure gets paid .

As I stated before.. I have been in and out of the hospital and am unable to work , though we have not asked or have been receiving any assistance what so ever. My conditions include spinal bone growths, organ failure and chronic pain , which makes it difficult to just care for my son and my 2 step sons (which are all under the age of 12), Since my doctors have told me I am physically unable to work right now options for going back to work are not really there. My husband works 12 hour days at his job, that he has held for over 7 years. We have 1 car( that is paid off). Our rent of $650 a month that we do pay does not include our utlities or anything else. Our phone bills, electric, cable, water all get paid as well and we have a good payment history with them as well. Our credit debt includes :my husbands government student loans, credit cards from his previous marriage, and one month of car insurance not paid by me after I went into the hospital.

Also I would like to add that my husband makes too much $ to get assistance .. but not enough $ to pay off all debts at this time. He works 12 hours a day at his job , then coach's his sons sporting teams in the eveings.. so him getting a second job right now is not only prevented by his employer, but would not work with the amount of time that he has.

Answer 1

You should check your local classified adds & online adds to find sellers that will finance. That way the person selling the home will be your "loan company". Why would they sell you their house/and finance it if you have no money down and bad credit?? Because your monthly mortgage payments will be hundreds more than they could rent it for,and because they can easily forclose on you if you dont make the payments--Which some of them count on so be carefull.

Answer 2

55,000 is not a lot of money for a five person family so the government should be able to help you. If not there are other options. You can do rent to own I would look into that on the Internet. They usually have nice houses. You can look at foreclosure listings alot of times they will pay your closing costs too and just tack it on to your loan. I would also suggest you call a Realtor and ask for any government assistance on purchasing homes that they know of. This method worked for me but I live in a friendly town. And option 3 is to talk to a lawyer about bankruptcy. I know everyone acts is though this is horrible but you will be absolutely surprised. My mother is about to close on her house after filing bankruptcy last year on 125,000. My aunt bought her house a little over a year after filing and I just filed. My lawyer informed me that you can usually purchase a home about a year after filing if you have not racked up anymore debt after-wards. Bankruptcy can be a wonderful thing it lets you have a fresh start with no worries and you will feel 100 times better with no debt. I highly suggest you call and at least get a lawyers feedback. I think mine cost a total of 700 dollars and I made payments. People really dont know how much bankruptscy can help. Good Luck to you!

Answer 3

candidly the only way for you to get into a house given your situation in breaking and entry. should you get into a loan it will be the best one the banks can get for them! not you.
visit daveramsey.com to learn about money before you get burnt. you need a mind set change cause what you is and have done don't work.
you need to get some books '48 days to work you love' and 'what colour is your parachute' so you can find work that works for you.
you say you got 3 kids? oldest over 16? put them to work, if the family doesn't succeed no one does.
Oh this rent thing is bs. you get a mortgage at 650$ mth = P&I not taxes utilities upkeep furniture etc. can figure real costs near 1200$ mth.
again a house at this point would be an albatrose around your necks.

Answer 4

I know this seems harsh, but Robert W has the only correct answer here.

Get your credit improved, get your debt done with, get yourself a little cushion, then get yourself a loan for your house.

Get a second, and third jobs. Planning for the future should NOT entail looking for this year's government hand-out, followed by next year's, followed by next year's. You'll train your kids up to do it too.

Clint Eastwood had a great line in The Outlaw, Josie Wales.... "When it looks real bad, like you're not gonna make it... You gotta get mean, just mad-dog mean, 'cause if you give up, you don't win and you don't live."

Tonight, get down on your knees and tell God that you're going to do all you can for your family, but that you need His help. Tell Him that you will not give up. You will not quit. Tell Him that you're going to be calling on Him for strength every day now, and you're expecting Him to be there. Tell Him that you've got kids counting on you. So you're counting on Him. Tell Him you're not going to let go of Him until He gives you what you need.

Answer 5

Get a rent-to-own or start looking for forclosure homes. Banks that own homes are willing to work with you because they don't want to deal with real estate.

Answer 6

You might contact your local Habitat for Humanity branch. They seem to do some really good things for people but might have a long waiting list or restrictions for getting in.

Good luck.

Answer 7

see a bankruptcy attorney and your state housing authority