Ask and YE shall receive????

Question

My wife and I have horrible credit (I suffered a nasty break-up several years ago, and my ex-husband ruined my credit) We have great cash history, but have avoided credit. We are both employed and our combined income is 6500.00/month.We want to buy a beautiful house for our 4 kids, it's a 6 bedroom 3 bath in a great neighborhood, recently appraised at 505,000 but the owner will sell it to us for 450,000. He wants 300,000 and will carry the rest. We have no $ down, and a co-signer is not an option. Any advice or suggustions?

Answer 1

Frankly, it sounds like a great way to s***w up your credit some more, that is, if you could find anyone to lend you the missing $300K, which is unlikely.  And what do you mean "We have great cash history" but on the other hand "We have no $ down"?   It sounds like your history with money is spending it as fast as it comes in.

My advice is to learn how to manage your money better and set more reasonable goals when house-shopping.

Apologies if that seems harsh, but you asked.

Answer 2

First and foremost, you can't afford this house.  No matter what a deal it is.  Based on your income, you should only have a $225,000 mortgage.  Anything more then that will need to be your down payment.

Answer 3

There are many ways to repair credit and slowly build it up over the years. With such a great income you could have started immediately after the divorce and been Triple A Prime by now.

I suggest you begin that road now.

Answer 4

You actually think you can afford a $450,000 house on a combined $75,000 per year ?  Please return from LaLaLand and start looking for something about half that price, which is the price range your incomes dictate.