bad credit issues- can i still buy a house?

Question

im 23 and i have been employeed at my job 2 years. i have had alot of credit issues and ive been trying to clean up my credit. i want to buy a house with my boyfriend. are there places that do morgages for bad credit situations? what are things i can do to prepare to buy a starter home? what are things morgage companies look at? do most morgage companies require a down payment? can my boyfriend and i buy a home and not be married? any advice is appreciated.. my boyfriend only has medical bills on his credit. he has been employed for 4 years and just bought a ten thousand dollar truck. is it possible for him to qualify for a home and not me? the house were looking to purchase is 70,000. i dont know if those details will help..

the relationship isnt an issue. ive been dating the guy for 8 years and we plan to get married soon. i guess were just doing everything backwards lol. we have been living together for a year and just tired of wasting money on rent.

Answer 1

First off, DO NOT BUY A HOUSE WITH A BOYFRIEND, You buy a house with a legally married HUSBAND. If things go bad between you it is a bad situation. The worst case scenerio (I have been through it), your partner dies, you have no recourse for any of their estate to help pay the bills, you are stuck with it all! And I know have been in that situation, the family comes and takes everything that belonged to that other and leaves you high and dry. Before you sign any contracts with another person get either married or a lawyer. Else you will get screwed.
Your credit and his will not be a problem - As long as you have a nice bank account (Meaning Savings). Just don't do this as an incomplete partnership. Believe me, I got screwed by my fiances family, thought they would be there and help but took all her stuff and left me like a wet towel at the kitchen sink.

Answer 2

It's gonna be TOUGH to find anyone who'll give you a Loan for a Mortgage just now- & NOT just because your Credit isn't so great. The Housing market is in a worsening slump now- & unless you can put down a pretty BIG Downpayment- the Banks are probably going to say that you don't qualify for a Loan- with all things considered... Now there IS a little "loophole" you might consider, -& that is, if you can find a Seller who is willing to RENT-To-OWN the house he's selling...-where He puts the rent $$$ you put into the House towards a Downpayment, & then eventually sells the house to you when you can finally get a Loan. Some Sellers are getting PRETTY desperate to "Offload" their Properties... -So you MIGHT just be able to swing a Deal if you suggest the Rent-To-Own idea to them... Otherwise, -Good Luck (LITERALLY).

Answer 3

Yes, you can buy a house and not be married.
Yes, the loan can be done by one of you but both will be named on the mortgage.
Yes, there are ways around a down payment even with an FHA loan
Yes, sometimes you don't have to clear old medical bills (depending on how old they are) off your credit report.
Yes, you usually need to pay off most of your debt in collections
The bottom line is you need to speak to a mortgage company and have then run your credit. Often it isn't as bad as you think. Your steady employment is an asset and the mortgage person will evaluate your debt ratio (how much you both have coming in versus what you are paying out) to determine how much money you can borrow. If you are lower to median income there is a state program that is especially helpful to your situation as they will advise you how to clean up your credit and then offer lower than average rates when you are ready to go. Check out your state's housing department for more information or email me and tell me what state you live in and I will look it up for you (sometimes the program is really hard to find). In the mean time keep paying your bills in time!

Answer 4

You want to talk to a lender and have him or her run your specific scenario and let you know what you need to do to put yourself on the path to home ownership. The lenders that will do loans for bad credit are disappearing rapidly. With the price you are looking to purchase at you would probably want to see if you qualify for an FHA loan. If you do not qualify for FHA, you may want to explore a lease with option to purchase. When you take on a home in a lease with option to purchase it gives you the best of all worlds. You can try the home out for a year and see if you like it. In the mean time you can work on your credit repair. You also can agree on a purchase price with the seller of what the future value will be.

Answer 5

First go to a free credit score site on the net and get scores from all three bureaus If its below 650 you are going to get a much higher interest rate But if you start working with credit bureau help specialist NOW you 'll probably be able to fix your credit and get on trackDon't just do nothing your credit score is very important!!!!!!!!!! and yes you and your BF can buy a house w/o being married

Answer 6

You can buy a house without being married, but PLEASE obtain a legally binding agreement that will hold up in court if something happens to one of you (no ugly family issues), you split up or you get married. This is much easier, and cheaper, while everyone is happy and in love.

Most mortgage companies do require a down payment. 20% is great, no PMI. But you can get a mortgage with much less.

The easiest way to get a mortgage is to work on your credit and get it repaired. Don't go to credit repair agencies, most don't do anything you cannot do yourself.

If you are looking to buy on just BF's credit, only his income will count.

Be smart, so you don't experience lendee regret.

Answer 7

Try a lease with option to buy!! It sounds like your best bet! This way you are building your credit, have time to repair your credit, and are Actually putting money toward your future home! :) If you have any questions about it, just email me..xoxo

God Bless
Michele

Answer 8

With the market like it is you will probably need to get you issues fixed first. I wouldn't advise you to buy a house with a guy unless you are married to him. If you two split who gets the house. Be careful. If you are sure yes he can get the house without you but your interest rate is going to be through the roof.

Answer 9

I'm certain that you must find all financial clarification at= loandirectory.info-

RE Bad credit issues- can i still buy a house?

im 23 and i have been employeed at my job 2 years. i have had alot of credit issues and ive been trying to clean up my credit. i want to buy a house with my boyfriend. are there places that do morgages for bad credit situations? what are things i can do to prepare to buy a starter home? what are things morgage companies look at? do most morgage companies require a down payment? can my boyfriend and i buy a home and not be married? any advice is appreciated.. my boyfriend only has medical bills on his credit. he has been employed for 4 years and just bought a ten thousand dollar truck. is it possible for him to qualify for a home and not me? the house were looking to purchase is 70,000. i dont know if those details will help..

Answer 10

DON'T buy a house with a boyfriend!!!!!!!! DON'T DON'T DON'T....

if you buy a house now, you will be paying out the wahzoo for a loan (interest).
and if the boyfriend puts the house in his name, and you help pay for the mortgage, then you get screwed when you break up. his name is on the loan, and you get crap.

wait until you get married and get your credit cleared up.