Need some info on buying a home!?

Question

I am a stay at home mom with good credit and my husband works and doesn't have the greatest credit so I was wondering if anyone knew what our chances would be of being able to buy a home? Thanks

Answer 1

50/50. If both of you were working and had good income, it would help sway the tide. Seeing that he is the only breadwinner and is the one with shakey credit, it may not work. There are a lot of factors involved. How bad is his credit, what brought his score down, what is his score now, how much does he make, how much disposable income do you have, what are your debt ratios, and how much are you putting down etc.

Answer 2

Stop. Take a breath. Get the details and all the facts on both of your credit ratings, especially his. Get both of your credit reports from all three credit bureaus. First make sure that every negative on the reports is accurate. If there are inaccuracies, get them fixed. This may take weeks to a few months.

While you are doing this, start paying all the credit bills
on time every time and saving for a down payment.

Do you and your husband keep ALL your finances separate?

What are the laws in your state? Is it a community property state? All these things determine whether and how a home purchase could be made, and financed.

If you do not have enough money to pay all your bills on time every time and save for a downpayment, then you do not have enough to even think of buying a house. Serious budgeting issues and longer term preparation need to be done, to help get the loan, and certainly to get the most favorable rate that you can qualify for.

Go buy a book like Home Buying for Dummies, or the Complete Idiots Guide to Home Buying and really study it.
I do not know whether these exact titles exist, but you get the idea. The price of a few books and tthe time you spend improving his credit will pay off handsomely, and just may help you be one of those who is able to KEEP the home they financed.

Answer 3

You should have no problem getting a mortgage provided your hubbys score is bad (over 500) not terrible. You will have to pay a higher intrest rate and put more than 5 or 10% down but lots of reputable companies will give you a loan. You might have to go with a mortgage broker or an unconventional mortgage but if you really want to buy the home bad enough you'll do it. Remember you can always refinance your mortgage a few years down the road after your hubbys score is back up. Unfortunetly your credit score can be perfect but they won't count that because you have no income.

Answer 4

What country do you live in?

If you are in US or Canada, they have ways to go around bad credit.

First, you need to get pre-approved. What they will do is check both of your credit ratings and will tell you for how much you are pre-approved. It could be a problem that only one of you works, unless his has a very good salary.

It doesn't matter that you have good credit since you will not be applying for mortgage - you have no income. The only one they will check is the one applying and the one with the income.

They will check how good of a payer he is on his credit cards, has he ever been late, etc....

Let's say he has been late and the credit rating is not the gratest, you can still get approved, just through different chanels. I suggest that you meet with a morgtage broker for the pre-approval and he will explain everything.

They will also tell you the amount that you are pre-approved for.

Good luck and I hope you make it!

Answer 5

For a credit score in the range of 585-599, you may have to make a down payment of nearly 5% to be approved for a home mortgage loan. Even in this case, your approval will come from a subprime mortgage lender. You have to approach a lender who deals exclusively in loans for people with not so perfect credit or in situations that cause difficulties in getting a mortgage.

If your credit score lies between 600 – 620, you might be easily approved for 100% financing. Even in this case, you have to approach a subprime lender.

For a credit score of at least 620, you can easily avail of 100% financing, along with a reduced rate of only 1 - 2 percentage points more than the prime rate.

Answer 6

It depends on how bad your husband's credit really is. There are mortgage loan programs available for different credit levels, the better your credit, the lower your interest rate and loans options, and vice-versa. Poor credit loans will secure a higher interest rate and require more stringent lending guidelines, such as: loan to value ratios (how much you borrow to value of the home), debt to income ratios (how much you earn to how much you owe), etc. For instance, your chances of securing a mortgage loan when you put down 30% compared to 10% will be greater, also the lender will take income, loan payment history, your husbands time of employment, debt ratio on intended home purchase, etc. into consideration. There are different guidelines for specific programs. Best thing to do is pre-qualify with a lender beforehand. Good luck, hope you find the home of your dreams.

Answer 7

All foreclosure could be placed on the County Recorders workplace. those are all loose for you. the undertaking is it somewhat is nice to pay money on the foreclosure public sale. simply by fact of this no person bids. simply by fact of this the lawyer did not call you back. She gets a million,000 calls an afternoon and he or she has to tell all and sundry which the sale is money basically. next step is whilst the financial business enterprise has the same old public sale and no person bids. The financial business enterprise owns the living house. They hire an agent and a on the industry sign is going up. now you may purchase it with a 30 day remaining and you'd be able to get a private loan. the undertaking-section is that the seller will do no maintenance. Your community lender will require the seller to do maintenance. you will discover the place that leads. So it somewhat is terrific to purchase the repo's for money. Get the interior maximum loan later whilst the maintenance are all carried out. If this replaced into all undemanding, each and every physique could be procuring repo's..

Answer 8

Your chances are very good; you need to get a good loan officer working for you to take advantage of some of the creative financing options that are out there. I recommend Hamlin Mortgage. Check out the source website and their free evaluation form. If you take a few seconds to fill it out, a loan officer from their nationwide network will contact you Monday. Good luck.