Home loan question...?

Me and my boyfriend want to buy a house. I make around $30,000 per year and he makes around $35,000 per year. My credit score is currently in the high 600%26#039;s (i have some credit card debt that I plan to pay off before I apply for a loan which will increse my score) and I have never had any bad marks against my credit. My boyfriend on the other hand has pretty bad credit. Im not sure of his credit score but he has about 5 outstanding %26quot;accounts%26quot; 4 of them he plans to pay off before we apply but one of these outstanding debts is around $9,000. We just can%26#039;t afford to pay that off. In 2 more years (the 7 year mark) it will be off of his credit report. So my question is.. if we applied together how would his credit effect us getting a loan, rates and such? Should I apply alone or would I even get approved alone based off of my income? What type of loan could we get? We really want to buy now because of the prices of homes being so low.. Im thinking that a home for $210,000 would be our max

Home loan question...?

There are plenty of foreclosures, but with your income alone you may not qualify. Your boyfriend makes more money and would be considered the primary borrower. His ficos would be used to qualify. Look around or engage the services of a realtor for foreclosures. It also sounds as though you have no down payment if you can%26#039;t payoff the outstanding collection balances and there are no more 100% loan programs since Monday. Your best bet would be to qualify for a FHA with a grant program, but your boyfriend%26#039;s collections would have to be paid off.

Good luck

Home loan question...?

A home loan, or mortgage, is most simply described as a loan taken out so that you can purchase a home. Here we閳ユ獟l explain the very basics of home loans so that you can at least have a basic knowledge of mortgages and how they work.To obtain a home loan you will%26lt;!--need to be at least 18 years old and have the income required to be able to easily afford the loan payments. While many mortgages are placed on existing homes, you can obtain a home loan based on units, condominiums, new construction or land packages.

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Regardless of what you need, there is most certainly a home loan option to match your case.Home loans are usually taken out for 15 or 30-year terms and your monthly--%26gt;payment will be based on the principal and interest rate. You may also find that some lenders require that your mortgage payment also include property taxes, insurance, etc. The interest rate for fixed rate mortgage loans tends to be higher than that of variable rate mortgage loans.

Home loan question...?

In the present situation many now recommend renting for a while. Loans are now hard to get and real estate is hard to evaluate; the market is plunging rapidly and nobody knows where it will stop, or when.

Home loan question...?

Personally I think you would be a fool to have any financial dealings with this guy. Obviously he can not handle money and he will bring you down with him.

Buy the house in your name only, keep him out of it.

Also, that is a fantasy that after 7 years the money he ripped off will suddenly no longer be owed. Bad entries go off 7 years after you close the account and he can no longer be sued after 7 years, but the fact that he is not a man of his word and does not pay his own way will still be documented.