How to buy a house when your spouse has bad credit and you have fair credit, but you need his income.?

Answer 1

There you go : http://simple-credit-cards-and-loans.com?=ya070223

http://index-go.com/improve-credit-score-get-out-of-debts-fast.asp

Good luck !

Answer 2

Pay off other bills - loans, credit cards, etc - first. This shows that you take your debts seriously, and you will pay them as you promised. Then don't get into debt again with other sources, like more credit cards, buying a big expensive car, etc. It's OK to drive a car that's not brand new, or that's not the biggest baddest SUV on the planet.

Save some more money for a down payment. Having a bigger down payment will help you get a mortgage, because you'll own a larger portion of the house, and you'll be less likely to default and lose that equity.

Once the debts are paid off, the money that you were using to pay them can go towards a mortgage payment. Also, paying those bills will boost your and his credit ratings.

Answer 3

Without flawless credit and 20% for a down payment, you're looking at a "subprime" loan as it is.

Lending institutions can charge a higher interest rate for subprime, so they come up with all sorts of loans that just about anyone can qualify for. And if someone with less than stellar credit ends up in foreclosure, the lending institution takes back the house and, typically, sells it for a higher $ amount.

There are tons of loans out there, trust me. You'll just have to pay a higher interest rate is all. (most of us will end up with a subprime loan, so don't sweat it)

Some lending institutions ONLY do subprime because of the extra money it generates.

Try to get a fixed rate mortgage and stay away from adjustable rate mortgages. Lending institutions like to steer folks into ARM's, wait for the payments to go up, borrower defaults, and they take back the property and make big money in the process.

(banks would come to our place of business and tell us to put people in certain ARM's, then give us bonus money in fees because they know they're making much more on the loan. It's a pretty corrupt line of work in all honesty.)

Answer 4

How badly do you want to buy a home? Your best option is one you haven't even considered.

How bad is your spouse's credit? Regardless of what mortgage people have told you (and some mortgage people will tell you anything to earn a commission), any MIDDLE score below a 620-650 (depending on the lender) is a BAD middle score.

And you WILL pay extra...for years to come possibly before being allowed to re-fi out.

With that said, the absolute BEST strategy for many people with whom we work is LEASE TO OWN.

Yes, lease to own. Here's why.

Lease to own allows you to "buy" a home today for a negotiated future price (locked in) with little out of pocket (option payment) money.

You enjoy your home as if it's yours (just as if you had a traditional mortgage on it with Countrywide, for instance).

Depending on where you're located, it's EASY today in this softer real estate market to negotiate a great opportunity with a seller.

By the way, do not think that only "ugly" homes in "ugly" neighborhoods are choices for lease option.

We're in Florida and only work with customers in Florida, yet you can do this anywhere in the US -- and you can do it on your own. You don't need a "rent to own home specialist" who may or may not be licensed.

We work with doctors, lawyers, teachers, nurses, accountants, airline pilots, and many other people who for whatever reason (perhaps bad credit, no W-2 income, no 2-years same industry work experience, etc) -- good people who can afford the home they desire but cannot qualify for financing or cannot qualify for "decent" financing.

Big guys like Donald Trump utilize this "control property" strategy on a much larger basis.

Perhaps you've never heard of such a way to "buy" a home or that you thought that only low-income people looking for junky homes considered lease-to-own.

Take a look at our website at www.asolution4you.com. Go to our free reports section by clicking on the "free special reports" link at the bottom on any page.

Read the report there on mortgage financing "secrets" @ http://www.asolution4you.com/resources/FinancingTraditional.html

That will open your eyes (and the eyes of any other person reading it).

You see, you don't have to take a bad mortgage if you can get one with your spouse's bad credit. However, you can "buy" a home today with little out of pocket expense.

In the meantime, your spouse fixes his/her credit.

Answer 5

If you have an income also (but it's just low), you could try to obtain a "no-doc" loan. I was in the same situation & this is what my husband and I did. This puts the mortgage in your name (this way the mortgage company will not look at his credit...just yours), but the title in both of your names. Call around to various mortgage companies to see if you would qualify for this. This is a helpful site to for loan information, quotes, etc. http://loan.divinfo.com/

Answer 6

Bite the bullet and pay the higher rate. If you need that income to qualify, that's the only way.

Answer 7

use your own credit to buy the house under your name only and just add your husbands name to the title later on. my spouse and i do this when we bought our second home. the first one is both under our name and the second one is under my name and i just added his name on the title after we close the escrow.

Answer 8

Use him anways, they can get you financed, but have will have a higher interest rate. thats what we had to do when we bought our house. good luck