Can i buy a house??

Question

Im just wondering if anyone else is in a similiar situation.. my now husband and i were talking about getting married, clearing debt, buying a house and having a baby! We were very excited about getting our lives on track and cleaning up our act! Well we got an unexpected surprise! We were pregnant, we were very happy but when we realized just how much debt my hubby had we were very very scared. I have no credit and he has horrible credit! He still owes from school (which he never even used his degree!) We are renting now and we struggle from time to time but we are doing ok. I want to buy a house and have another baby in the next 5 years but im terrified we will never be able to. He is a carpet installer which means every other season he has very little work=very little money. And i am a stay at home mom and i work 2 nights a week as a waitress. because of his schedule thats all i can do.Have any of you ever been in this type of situation? And did you ever buy a house?

Also we did make an agreement that we wont have another baby until we buy a house..

Answer 1

You sound very responsible - really you do BUT- one night of lust made this a lot harder than proper planning otherwise would have. No ones perfect !!!

Answer 2

Ok I dont want to sound mean but here are the facts. If your husband does not make enough money than you should consider providing more financially for the household. I see nothing at all wrong with being a stay at home mom but if your really wanting all this extra responsibility (another child and a mortgage) you need to take responsibility instead of waiting for someone to give it to you. With you providing you income from a full time job, you could not only help pay the bills you "struggle" with from time to time, you could also start paying the negative things off on your husbands credit which will also help with your credit since ou are married. The way your doing things now, I don't see it as a realistic possibilty of getting a home loan any time soon. But this could also be an extra incentive to work harder to get the things you want faster.

Answer 3

I was in something like your position, once. My husband lost his job just after we found out we were finally pregnant. At that time we had just moved to a new house, so we were in a strange area and doing the mortgage thing for the first time, and I wasn't able to keep my job while pregnant.

Here's what I would suggest as some first steps.
Find good affordable medical/prenatal care. If your income is low enough, you may qualify for a prenatal clinic program, and for WIC. Nothing screws up financial planning like medical bills. If your baby has been born already (and I can't quite tell) make sure you have him/her covered with something. Health comes first.

Second, see if there is a public education/assessment program for debt in your area. My state runs one, which teaches people how to get out of debt and plan for things like homeownership.Check your state website.

Managing seasonal work income is tough. When you know what your budget is, you'll know how much you need to put by when he's working to cover the months he isn't expecting to. But it may give him an opportunity to try for work that is in his off season. My BIL, for example, does snow-removal when the construction business is slower. I don't know why he chose not to work with his degree, but your husband may find some kind of part-time or seasonal work that uses those credentials.

For you, have you looked into any kind of home-based business? Many moms I know use a talent to do some work out of their homes, whether bookkeeping, sewing, or soap-making. This might be a time for you to figure out what you'd love to do (in addition to being with your kids. ) ;o)

People who are willing to work can still buy a house in this country. It takes having that as a focus, but it can be done. I'll never have a house in Malibu, but when I shut the door on this one, it's mine. That's a nice feeling.

I'll hold the good thought for you.

Answer 4

good agreement!! and secondly... being a stay at home mom will not put you into the buying market if your husband's credit sucks. daycare will eat up some of your money that you make, but it will be more than just working 2 nights a week. start paying off his debt and you should start some credit going. most banks want to see at least 2 lines of open credit that have been open for at least 2 years. so, that means you buy a cheap car that can be paid off in 2 years of less, buy some furniture on credit or get a SMALL dollar amount credit card. unless you can get a low interest credit card and you can move some of your husband's credit card debt to it and start getting it paid off... the best thing to do is sit down with your local bank's loan officer and let him/her guide you. you need to be patient and work hard on your debt but to answer your question, YES you can buy a house!!! i bought a house years out of my marriage... one income, two children but i have a good job... i was scared too, but i was paying 900 a month in rent so, why couldn't i afford to pay 900 mortgage payment?? actually 896.42 :-) and i can paint my walls any dang color i want!!! :0)

Answer 5

First of all I would like to say Congratulations! I am a Realtor so maybe I can be of some help. In your situation your best bet is ( due to your husbands low credit rating and today's difficulty in obtaining a mortgage even for decent credit borrowers) finding an owner who sympathizes with you two that will finance the property for you. It will probably need to be a lower end home that needs work. This is OK as you can build some sweat equity. Since your going to be living there and raising a family for many years you don't have to concern yourselves too much about Price depreciation. What I mean to say is that even if the property drops 20% in the next 2 years it will rebound 3 x that amount in the next 10. Good luck to you and your family.

Answer 6

There is help you can get for first time home owners that don't make that much money. I would get your credit up and start saving! Get a good savings built, you'll need it! What if he lost his job? There are lots of things you'll need to fix/buy when buying a house.

Can he get a second job in the off season to help with money? Like a seasonal job or a temp position? Make a budget and stick with it! See how much money you have and how much you bring in. Set a budget to that and make sure you allow for savings! Be patient and soon you'll be on your feet! Can you do any other work? Stay at home work or something small on the side?

Answer 7

Where are you from? In the UK, house prices are massive, to buy a slightly affordable one we'd have to live in a dodgy area.
There is a pressure to buy, it seems the 'done' thing. We said ideally we'd buy before children. When we actually sat and figured it out, we decided to rent for five years while we finish of the loan payments and both do a degree with the OU.

This way, when it comes to buying, we will be in a better position financially. I am now pregnant, due in 6 weeks, we afford-ably live in a nice area, are comfortable financially, paying off debts and are in the midst of a degree.

There is really no point struggling, just to own your house! Rent until you're sorted!!!

Answer 8

Well what you need to do is come up with a list of all your bills and all of your income. You need to figure out montly what you can afford and not having good credit does not make it easy. If your credit is not that good alot of times interest rates will be very high and they may require a hugh down payment. Along with the house payment you also need to figure out insurance payments every month with the house. I know this is alot to think about but you do need to really sit down and have figures in front of you and you need to speak with someone about a loan. Don't get discouraged though it may take longer to save up some money and get better credit but just focus on this and give it some time. Good luck with everything and congrats.

Answer 9

I was in the same situation. My now husband and I were talking about getting married and having another baby ( we already had one). We moved out of our condo to go live with my mother and save up $. Of course after being there for a couple months I found out I was pregnant. We Started looking for a house a couple months later and got aggravated because we weren't finding anything that we would even consider. We did find one and now we regret that we ever layed eyes on it. Our bills are now doubled compared to what they were at our condo, and we only have one income! When you think about buying a house you have to remember that there are taxes, house insurance, and when something breaks or leaks you have to pay for it to be fixed! There's no more calling the "landlord"! I personally would rather be in my condo renting.

Answer 10

First of all, It's not lust if they are married. It's a desire for one another.

You didn't supply us with enough information to really make an informed descion. You will need to have a good downpayment, some credit, a cosigner, and also show proof that you can actually afford to make the payments along with other bills monthly with out it being a struggle.

If you feel that you meet those requirements then you could probably get yourself a house, and I wish you all the best.

Answer 11

Honey, You set your heart on it and work toward it putting a little bit away in the bank each week and you WILL be able to buy a house. don't listen to what these" nay Sayers" say. you can do ANYTHING you put your heart and mind into. good luck. Here's what I would do if I were you. If your husbands pay check goes into your checking account each week or whenever, go to your bank, open a savings account, and have the bank automatically take $50 or $100, per pay check, what ever you can afford and put it into your savings account. this will be paid into your savings automatically and honestly you won't miss it, but your HOUSE savings account WILL GROW. I have had this done every month since I was married 22 years ago. EVEN if you can't afford it. you'll be amazed that you CAN afford it when it's done for you.