Question


nuvia

fha loan and down payment programs for a home?

My husband and I are looking into buying a home. I have no credit and 3yrs ago my husband credit score was around 600-620. At that time we were paying off 4 credit cards and a car payment now we are just paying our car which will be paid off in 18mos and 2 cards have gone to collections. Do you think we still qualify for the fha program? Also if we get a cosigner does the cosigner help with the amount of the loan or the low interested rate. We are working on making payment arrangements on the other 2 cards but we want to get in to a house now before the real estate picks up again. thanks

7 months ago - 2 answers

Best Answer

Chosen by Asker

While I understand your desire for a house you have a problem - a consistent track record of buying first and trying to figure out how to pay second. This has caused you two a lot of stress. I think in then long run you would be far less stressed adn much happier if you pay off your debts before trying to take on a mortgage. Please do not get involved with a co-signer - this is a disaster waiting to happen as whoever signs has a good chance of having to pay this mortgage. To buy a house you really need the following even with a FHA loan. 3% down - while they will allow this money be a gift I really think that if you cannot get together 3% you cannot afford the house. Also you need a minimum of 3-6 months of living expenses in cash. If you do not have these you can not afford to purchase right now even if you could get a loan. I am not trying to keep you from buying but I want you to enjoy buying a home and not find it to be a stress that you will eventually loose to foreclosure.

by Thomas

7 months ago

Asker's Rating: 

Other Answers

im not sure ifu qualify but u can go 2 www.getaloanwithbadcredit.ws they offer home loans 2 people w/ bad credit and up

by Andrea- 7 months ago