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credit question and buying house.

My hubby got his credit checked because we are looking to buy a house.We are going to try and sell ours and then look for one.Well his credit is great and he qualified for 130,000.The problem is we can't get a house thats decent around here for that much.We need at least 170,000.I don't have credit and i don't work.So what if his dad co signs to help out.Would that work?Even though his dad just filed bankrupcy? I'm new to this whole thing so i don't know to much.

Answer Question
 
Anonymous

Asked by Anonymous at 9:57 PM on Jul. 30, 2009 in Just for Fun

Answers (10)
  • I think having someone who just filed bankruptcy on a loan would make it worse.
    sbastille

    Answer by sbastille at 9:59 PM on Jul. 30, 2009

  • I agree. Either take what you can, or wait until things shape up for you (job, husband with more income.)
    prettyrayray

    Answer by prettyrayray at 10:02 PM on Jul. 30, 2009

  • Seeing someone who has filed bankruptcy has to wait 2 years from discharge to purchase a home, NO I wouldn't have him cosign, he probably won't be able to anyway. If you were approved for $130,00 that means that is what you can afford on your incomes. You aren't going to get more, even with a cosigner, you have to be able to afford the payment, utilities, upkeep, insurance and taxes...among all your other bills. Also, how much of a downpayment do you have? Your FIL wouldn't be a cosigner, he would be part owner of the house.
    tyfry7496

    Answer by tyfry7496 at 10:04 PM on Jul. 30, 2009

  • We are going thru the same thing..can't find anything decent for 130,000....Need at least 170 if not 200,000 to get into a "move in ready house"....I'm homeschooling our daughter thru kindergarten because we are waiting and I can't get in the right school district until we get approved for more..drives me CRAZY!! Good luck to you's...
    jessemo6

    Answer by jessemo6 at 10:31 PM on Jul. 30, 2009

  • I believe in most states if a married couple is buying a house both of your credit counts and the house will be in both your names.

    It may take awhile but you should be able to find a home. There will be a website that are new on the market today. I found 3 houses in Tucson for less than $80K on a site like this and got there the first day. All were worth $150K or more. We were able to get the third one and it has a swimming pool! Something you can use about 10 months a year in Tucson.

    Look into downpayment assistance programs that can pay some or all of your downpayment.

    GailllAZ

    Answer by GailllAZ at 11:03 PM on Jul. 30, 2009

  • JESSEMO6..yeah its really crappy.I'm not settling for any area either, the decent houses in good areas are going to be more pricey.Good luck to you also!
    Anonymous

    Answer by Anonymous at 11:21 PM on Jul. 30, 2009

  • TYFRY thank you for explaining this.We may have a 8,000 down payment on the house.
    Anonymous

    Answer by Anonymous at 11:24 PM on Jul. 30, 2009

  • I bought mine owner finace. Sooo much better than bank. Try www.forsaleforowner.com. We only owe for 8 years.

    lstrickland

    Answer by lstrickland at 11:35 PM on Jul. 30, 2009

  • If you can't afford it on your own...then don't do it. Even if you are trying to get into the right neighborhood with the right school. You will end up heartbroken when you can no longer pay your mortgage. It's not a game, it's a commitment that you can't undertake because you don't make enough money.
    Anonymous

    Answer by Anonymous at 11:47 PM on Jul. 30, 2009

  • we already know that, we won't do it if we can't afford it
    Anonymous

    Answer by Anonymous at 8:03 AM on Jul. 31, 2009

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