Posted on: 11th Apr, 2012 11:20 am
Hello!
My wife and I were recently married and we are now very motivated to purchase a house. I screwed around as a kid with my finances and racked up a bunch of negative credit and now my scores stink. I can't qualify for anything with my current scores, but I have all the income.
Everyone we have talked to said that I am just stuck waiting for bad credit to fall off my reports, but in a lot of cases, that several more years of waiting.
My wife's credit is good and she does qualify for the loans, but she doesn't make any of our income, so this is really putting us in a pickle.
Can anyone tell me if there is a way to use my wife's credit, with my income and still be able to get our first house in the next year?
My wife and I were recently married and we are now very motivated to purchase a house. I screwed around as a kid with my finances and racked up a bunch of negative credit and now my scores stink. I can't qualify for anything with my current scores, but I have all the income.
Everyone we have talked to said that I am just stuck waiting for bad credit to fall off my reports, but in a lot of cases, that several more years of waiting.
My wife's credit is good and she does qualify for the loans, but she doesn't make any of our income, so this is really putting us in a pickle.
Can anyone tell me if there is a way to use my wife's credit, with my income and still be able to get our first house in the next year?
without having the income earner on the loan, you would not be able to get a regular loan. you have two options. work with a credit company to repair your credit. start settling the accounts that are in collections. with the economy, they will take 10% of the balance...get a secured credit card and start to use it. keep any open account under 40% of the credit limit. you would need 3 tradelines, 2 of them for 12 mos and 1 account open and active for 24 months. your second option is to get 30-35% for a down payment, and find a trustworthy private lender. they will only care about your property in question, not your income or credit. keep up on those payments, then refinance under your reestablished credit in a few years. good luck-
Maybe add one more option to Chris's suggestions, which are right o the money as usual.
You may be able to find a seller willing to hold the mortgage.
In this market, there just may be someone who wants/needs some cash now and is not in need of the rest of the money from the house right now. The larger the down payment you can make, the better chance you have of you/Realtor finding a seller willing to hold the mortgage, at least for a while. That gives them cash now and a monthly income stream with your monthly mortgage payments.
There are always such sellers out there. Maybe now more than usual. Worth a look see anyway.
You may be able to find a seller willing to hold the mortgage.
In this market, there just may be someone who wants/needs some cash now and is not in need of the rest of the money from the house right now. The larger the down payment you can make, the better chance you have of you/Realtor finding a seller willing to hold the mortgage, at least for a while. That gives them cash now and a monthly income stream with your monthly mortgage payments.
There are always such sellers out there. Maybe now more than usual. Worth a look see anyway.
