I am currently recovering from a long illness awaiting a divorce settlement. I have 2 children and i am on income support. I am hoping to get work once I am fully recovered, but I don't know how long that will be. I would like to buy a home for myself and the children as renting is quite difficult for me as we have several pets,Housing *** not very hopeful re shared ownership so looking toward raising cash via mortgage and buying. any ideas?
2007-05-31 04:35:03 · 12 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Also depends on your credit and down payment...If you have any money to put down you might be able to qualify for a no doc program , but that is only if you have a good credit score and a down payment..hope this helps.
2007-05-31 05:19:43 · answer #1 · answered by WeLoan.Us 2 · 0⤊ 0⤋
Sorry, love, can't say anything more hopeful than anyone else. Even solvent, childless couples who are both working have difficulty these days.
When the divorce is settled, will you get any money from the sale of a house ? If so, you could put that down as a deposit, and you might get a mortgage then. And the general view is that interest rates are going up again soon.
But don't despair. Although nothing you can do right now (except save if you can, even if only a very little) nothing is for ever. 30 years ago I was a single mother in council accommodation, but I worked and saved and eventually got out of that situation. As soon as you are well enough to do so, get the best job you can and then start looking at mortgages. Look after yourself as well as the children and good luck
2007-05-31 04:49:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
unless you have a credit score in the 700's or 800's, without income it would be irresponsible for a lender to give you a loan.
Their decision is based principally on your ability to repay the loan. Your monthly housing budget should be no greater than 33% of your total monthly income (this includes job income, child support, any regular monthly income).
Sadly, so many people are paying more than half or even 75% of their income to housing, this includes doctors, lawyers, policemen and firemen and thinking that this is right. They are setting themselves up for foreclosure.
A house is a liability, a debt, not an asset until its paid off or producing positive cash flow. If you don't believe me I can refer you to a list of people I'm helping to get out of foreclosure...
You might want to apply for Section 8 housing assistance and rent for a little while longer until you're back on your feet.
Perhaps with a little more details I can give a better recommendation. Feel free to contact me privately.
Best of luck!
2007-05-31 04:47:07 · answer #3 · answered by Anonymous · 1⤊ 0⤋
the term "YOU GET WHAT YOU PAY FOR" comes to mind here...you generally can get approved on a motgage loan if YOU WORK at the same type of job for two years,have a decent establishhed credit history,job stability,can afford it based upon your debt to income ratio,or are a multi millionaire and take a loan out against your collateral....just having children and giving them no family structure deos not qualify you in this Country to become a home owner...but you may try Cuba...they are a communist country,but they may frown on the divorced unwed mother thing in a country like that...you may try Mexico,but you would probably have to settle for a shack of scrapwood and bandits or worse...or maybe you could work and save money and build a credit history,that would probably be most realistic...also you could find some stable "nice guy" that owns his own home,marry him and then divorce him and take his house and half of his assets..that sounds a little harsh,but in an imperfect world......
2007-05-31 04:50:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You will most probably not qualify for any mortgage based upon your levels of income at this time.
Once you return to work and have developed some sort of history relative to work income and debt responsibility, that situation will change.
While I fully understand your love for your pets, perhaps it's time to consider getting rid of them so that renting is easier? Or searching for a property which will accept your assorted pets?
2007-05-31 04:41:09 · answer #5 · answered by acermill 7 · 1⤊ 0⤋
It's doubtful that you will be able to get a mortgage without be in full time employment. Your best bet is to try for a housing association house. Find a list of numbers in Yellow pages, there will be a waiting list but it's a positive step.
Good luck and sorry to hear you were unwell, I hope things go OK for you and your kids.
2007-05-31 04:39:31 · answer #6 · answered by Nickynackynoo 6 · 3⤊ 0⤋
Nope - you need to be working for at least 6mths before someone will even consider you. How is renting hard?? if your on income support and have children then your rent should be getting paid practically in full by the council
2007-05-31 04:42:48 · answer #7 · answered by AMANDA C 1 · 1⤊ 0⤋
Don't wish to be the bearer of bad news love, but have you seen the f......ing price of houses these day's. Unless your income support/incapacity benefit is around 40 grand a year, can't see you, after all I'm presuming your a first time buyer, landing a mortgage
2007-05-31 04:39:53 · answer #8 · answered by Sir Basil Cheesewrench 2 · 4⤊ 0⤋
It looks bleak for you, im afraid. Most mortgage lenders like the client to be working.
you could always give it a shot.
If you been a council tennant for a certain mount of time, apply for a right to buy scheme.
2007-05-31 04:43:30 · answer #9 · answered by lonely as a cloud 6 · 0⤊ 0⤋
lets see. income support is supposed to provide you with a "subsistance" level on income, ie enough to live on, no more.
so WHERE exactly will the "available" income to pay the mortgage come from.....
afraid the lenders will look at it like that, assuming they dont fall over laughing first. sorry.
2007-05-31 05:05:16 · answer #10 · answered by alatoruk 5 · 0⤊ 0⤋