My husbend and i are renting and our lease is up Jan1st 2010 so about 2years we both have bad credit io think mine is 530 and his is right arounf there maybe a little higher but i dont think by much we really want to buy a house but dont know where to start with repairing our credit i owe somewhere aroud 25-30 my husbend maybe 15k which most of this is from a repo but i just want to know what we need to do to make our dream come true by then is it enough time to fix stuff . we really dont have alot of money to save for down payment and pay bills off credit so i just need some advice please help
Will we be able to buy a house by then ??? PLEASE HELP?
Here is a thought. You might at best hope to buy with sub-prime financing. Your interest cost is going to be higher because you will be seen as a poor risk.
The single biggest problem for you to deal with is getting rid of your debt, all of it. Next build up a cash reserve not less than 10% of the cost of the house you want to live in, including the land.
This can mean very tight control of spending, and I recommend staying with rental an extra year.
Will we be able to buy a house by then ??? PLEASE HELP?
Check with these folks:
National Low Income Housing Coalition
Dedicated to ending America%26#039;s housing crisis.
www.nlihc.org
Will we be able to buy a house by then ??? PLEASE HELP?
did you pay all your back rent that was due? still on the diet? shouldn%26#039;t have kicked your bf%26#039;s mom out?
i doubt that you could qualify for any type of loan based upon your finacials, you know that you will need some type of down payment.
for you to get a loan you would need about 20 percent down at least.
you really need to take a serious look at your lifestyle and future ambition.
enjoy mexico and say hello to baillie
Will we be able to buy a house by then ??? PLEASE HELP?
Your credit scores are too low to get a house. You are better off paying off your debt first. You have to learn how to budget your money.
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