My g/f and me want to buy a house.?

Question

she has a 700 + credit score and makes approx. 20,000 and i have poor credit about a 600-615 and make 35,000. we live in central ny. what can we afford for a house and how would a bank determin that? also how can we sign for the mortgage. me sign her co-sign or vice-versa. btw little down, like $1000.00.

Answer 1

You are approved for a $135,000 house.  Today's interest rate is 6.75%.  You will pay 7.5% because of your bad credit.  Average credit score in America is 720.  Under 620 is "horrible".   You can buy with no money down but you still have to have enuf to pay the first month's mortgage payment, 1 year fire insurance, 1/2 year property tax  (apx $3,000).

You could be moving in on August 30.  I own my house .  I love it.

Answer 2

ur credit is NOT poor, poor credit is 520<...yall should be abble to buy a house.

Answer 3

So combined, the two of you arent even married and don't even make $60,000 a year. You cant afford a down payment or even closing fees.

can you buy a house?

I dont see how you're going to be able to afford a house in central NY - anywhere in NY for that matter. combined, the two of you dont make a sufficient salary and if someone was foolish enough to give you a mortgage on a property, the two of you would only wind up defaulting on it.

remember, it's not just mortgage payments, it's also the rate you get on the mortgage, taxes and utilities.

why dont the two of you get married first? make the commitment to each other before making the commitment to a thing like a house?

the bank would determine what you're qualified for based off of the income of the people on the loan. I dont think you'd be qualified for much more than a $70,000 or $80,000 mortgage with an adjustable rate (where they can increase interest to and exceptionally hiogh rate without you being able to do anything about it).

sorry to rain on your parade but... well...

Answer 4

who co-signs is of little consequence.  They will go off of the lower middle score.  A bank is out of the question unless they have fha, and even that will be difficult.  Your best bet is a mortgage broker.  I'm from buffalo originally, just moved to charlotte.  I know a few broker's up there still, if you'd like to talk to them, shoot me an email and I'll see what I can do.  go to www.fha.com, fha.gov and naca.com for great first time home buyer info, good luck

Answer 5

Talk to your local bank and ask to prequalify for a mortgage.  They'll tell you whether you can get a loan, and for about how much.  Your score is pretty low, and while hers is good she doesn't make much, so you will very likely have to do a few things first like improve your score and save up more money for a down payment and closing costs before you can buy a house.

Answer 6

The ARE No Downpayment Loans out there with just a 595 credit score ....

I KNOW this as my own realtor  who is trying to sell my own home can usually get ANYONE with a 595 credit score a No Down loan .... at least he can for my house ....

I'd suggest that you shop around to DIRECT Lenders  and see what you can find out ....

Call Quicken , DiTech , Countrywide , and check with your local independent Banks ... sometimes they can be very competitive with other mortgage companies ..