ANSWERS: 9
  • Probably not since you have no income and credit but it all depends. You might want to wait though even if you do get a house you might get shafted on a very high APR rate.
  • It's possible; it depends on your boyfriend's credit rating now. Whatever you decide, though, you need to know your credit. You are entitled to one free credit report per year from each of the credit reporting agencies. Check it out, know what is on it, and then start building your own credit! You can do that as a stay-at-home mom; credit is not just for people with 9 to 5 jobs. The simplest way is simply to get a credit card in your name and pay it off reliably. If you are worried about overspending on it, maybe a gas card would be good. As long as you keep it paid, you will be doing your credit some good, and then in a year or so, you can help get the house on YOUR good credit!
  • I have horrible credit due to some stupid choices when I was a teenager, but a got a home loan, I just had my loan underwritten, so they didn't even go off of my credit
  • I doubt it. A bankruptcy haunts you for a full 7 years, regardless of income. That leaves you as the person to try to qualify, and you have no discernible income. I'm sorry, but I think you're stuck until either his bankruptcy is discharged after the full 7 years or you have a good enough income to qualify yourself.
  • If you can find a lender, it will probably cost you large until you can establish yourself a little better and acquire a reasonable down payment. Spend a little time preparing to apply for a loan by building up your image as a customer. Getting married will help, especially with the child/ren.
  • If he is still in bankruptcy, he cannot buy anything on credit. if he is out of bankruptcy, ten years is the normal time to recover, if at all. If he has paid his bankruptcy and you two want to buy a house, he will either have to have a co-signer or the house to be titled in someone else's name. I do not see a house in your future, based on the information you have supplied.
  • I and my husband are living proof you can buy a home after bankruptsy. I too was a stay at home Mom of two when we filed in 95' and by 98' we bought our first home and I was still a stay at home Mom now of three. Go check it out you have nothing to lose we have since bought a second home in 2001.
  • Yes you can, however you may need to establish some credit, no credit is worse than bad credit or just as bad. Now as far as him having a bankruptcy he can purchase a house after 2 years of him filing just as long as he has been making all his payments on time for things that are affecting his credit report.
  • Your boyfriend may be able to obtain a loan provided that he has re-established credit. He should have at least one tradeline over $2000 (a car loan) with at least 12-months reporting to credit and two tradelines of at least $1000 (credit cards)with at least 6-months reporting. Anything less in unlendable in this market. You need to obtain at least two credit cards -- secured cards if necessary -- to become a viable co-borrower. Your income cannot be considered for purposes of qualifying unless you are a viable. Expect to qualify ONLY for an FHA loan with 3% to 5% cash down.

Copyright 2023, Wired Ivy, LLC

Answerbag | Terms of Service | Privacy Policy