We are trying to buy a house........?

Question

heres our situation. My fiance has been at his job for 2 years and makes 13.70 per hour/ 40 hrs per week. He was prequalified for $110k but they never included his 2 year overtime income average, infact they never evn asked about it. His average for 2 years is about 5k a year in just overtime. His 1 and only credit score is 579. I have been at my job for 4 months and mid credit score is 582. They cannot count my income because I have not been at my job long enough and the job that I had b4 isnt in the same field. We made an offer on a home of 100k, asking price is 122k. The owner didnt wanna counter offer so we went in at the max (110K). The owner then counter offered at 120k but my fiance isnt qualified for that much. We have 10k cash to cover closing cost. His monthly debt is about $200. (he has a 36 month auto loan he got in jan although we plan on selling it because it is a gas hog, ) he only owes 6k because he put down 4k in cash. I pay for the loan but its in his name.

Answer 1

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Answer 2

you could talk the seller into some kind of lease but agreement for one year which will allow you the time to sale the car and using your bf o/t raise the difference you need!!! but i would not advise you to do this -- i think you will be over extending your self with even a 100k loan -- you do not have any money set aside for a rainy day fund!!!

Answer 3

Hi,

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Answer 4

The housing market will be down certainly until the middle or latter part of next year because of the volume of repo's and bank owned houses on the market.......... your cutting things pretty tight with your numbers given..... why not wait a 4 to 6 mos period at least and max the amount in savings by making every effort to do so....... with those FICO scores, getting out of financial debt first before tackling a large debt like a home would really help you in the long run by being able to get better financing and yo would have more down payment monies from the savings....... Likely, the home will decrease in value anyway while you wait.... if it is that particular house you just have to have, so you are better off coming from both directions of lower cost and higher savings/FICO...........