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question about buying a home

So I know NOTHING about buying a home, but my husband makes good money, but has bad credit, and i have no credit. How does that whole co-sighn thing work? cuz my parents own their home, and all that.. i heard (its rumored) that they helped my brother buy his home.... how does that work? like why would they/would they not let us buy a home like that.

 
Anonymous

Asked by Anonymous at 12:50 AM on Jan. 7, 2010 in Home & Garden

This question is closed.
Answers (10)
  • well thanks, but we can make our payments, my husband has bad credit because his when his wife and him divorced she screwed him over and he was too nice to screw her over back. and i don't have a credit, because i've never had a credit card or anything like that. Never had a need for one.
    Anonymous

    Answer by Anonymous at 1:03 AM on Jan. 7, 2010

  • If you don't pay your mortgage, they will come after the cosigner for the payments. If you have bad credit, that means it's likely you won't make payments on time or ever and they want to make sure someone else is responsible for your mortgage. The best advice is for you and ur old man to clean up your credit and don't be a burden to your parents when you find you can't make ur payments. It will screw their credit too.
    Anonymous

    Answer by Anonymous at 12:52 AM on Jan. 7, 2010

  • ok, then get ur parents to cosign for you. you obviously can't get the loan on ur own because of the credit. bad credit = you are not reliable to make payments, and that's why they won't give you a loan. if ur parents trust you they will do it. so no harm in asking. or you could put more money down, you do have a down payment saved up, yes?
    Anonymous

    Answer by Anonymous at 1:20 AM on Jan. 7, 2010

  • I hate to say this, but you do need a credit card because you need credit to buy things like houses these days! You can build credit by purchasing something like a tv and paying on time for 6 months or so to establish your credit. Good luck.

    For the record, I would not ask my parents to cosign. I wouldn't want that burden on them. If anything happens, it can cause bad feelings between both parties.
    prettyrayray

    Answer by prettyrayray at 1:22 AM on Jan. 7, 2010

  • Ask a loan officer. You won't get good info here.
    Anonymous

    Answer by Anonymous at 1:23 AM on Jan. 7, 2010

  • My mil is a real estate agent, and it depends like how long ago did he get the bad credit? You may want to call an agent and see if u can pre-qualify. They will let u know, sometimes with bad credit u can buy a home its just at a higher interest rate. My mil told my husband and I they will usually sell to ppl as long as the have a credit score of 620 or higher. It may differ from state to state.
    Anonymous

    Answer by Anonymous at 1:27 AM on Jan. 7, 2010

  • dh and i had the same situation, we had to put 20% down payment.
    Anonymous

    Answer by Anonymous at 2:49 AM on Jan. 7, 2010

  • Start with an officer at the bank where you have your primary checking account.
    rkoloms

    Answer by rkoloms at 7:49 AM on Jan. 7, 2010

  • Don't do it! Don't put your parents in that position. We had my FIL co-sign on our car. We made our payments on time for years. The vehicle was totaled out. Insurance kept dragging their feet on paying for the vehicle. After three months I got mad and told them and the finance company that I wasn't making anymore payments on a vehicle that I had not had for months. I fought the insurance they ended up paying me back for the months that I had paid and they paid for the two extra months that it took for them to finish up. Unfortunately the finance company reported the two months that I didn't pay on my fil's and mine credit reports. The finance company had even talked to the insurance company and knew what was going on and had agreed. My FIL was livid. The finance company ended up retracting the negative marks but I will NEVER have somebody co-sign again NEVER!
    Anonymous

    Answer by Anonymous at 12:13 PM on Jan. 7, 2010

  • If you and your husband are serious about buying a house make an appointment with a loan officer at your bank. I would highly advise against asking your parents to co-sign for you. You and your husband need to find a way to do this on your own. In addition to all the obvious potential problems, you need to approach this as a grown up couple - you will feel much better about yourself if you do, and your parents will also respect you more.
    Anonymous

    Answer by Anonymous at 2:52 PM on Jan. 7, 2010

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