Question

Hubs and I are planning on buying a house. We have 15, 000 saved. Credit scores are not the BEST. I had a bad relationship when i was young caused me to file bankruptcy. Its personal I learned it's what made me open my eyes. He wasn't raised with a budget nor a clue about finances. We have both since followed Dave Ramsey and the budget mom religiously. Im scared for whole home buying process the hubs and I dont want anything that needs work. Pretty much move in ready. All these calculators I'm not sure how accurate they are. Hidden costs. Our budget is no more than 1200 for a mortgage that's with taxes, and PMI included. Is this possible ?  

Answer 1

Definitely depends on where you live and what you’re looking for. We financed 200k and our mortgage and taxes are $1300/month, $800 mortgage / $500 taxes.  

Answer 2

Look up the credit warriors handbook to help get your credit up! My score has gone up more than 100 points in the last 8 months due to it!  

Answer 3

I would contact Churchill mortgage. I know this isn’t a Dave Ramsey page, but they are willing to work with you regardless of credit score if you don’t have debt. Technically if you don’t have debt or owe money, your credit score will be low as well with that too.  

Comments

Not all companies report to the credit companies but that’s awesome! I think for somebody with a past and who is looking to buy a home soon, they don’t have time for just their normal bills to actually have an impact on their score though.  

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They also currently don’t have a mortgage to be reported to the credit companies to help their score.  

Answer 4

It Depends how much the house costs but that’s possible

Answer 5

Don't rush the process. I went through an unwanted divorce had to rent for a year, did lots of praying in the process. Towards the end of the first year I started looking on Zillow and even went see a few homes to none which spoke to me. Then the house I now call HOME came on the market, it was a fairly new home that had been repossessed. My lender was amazing. I was able to qualify for a 80/15/5 loan. So I only needed to put 5% down, the 15 is a second mortgage, therefore no PMI. But it was all in God's timing. I wish you the best of luck.  

Answer 6

Look up NACA  

Answer 7

My husband made an appointment to see what he could get approved for and what interest rate. I think you're looking at at around 200k or below. Take into consideration association fees. If your credit is still affected by bankruptcy you could have it be under his name for now and then add yours later on. Would. it be doable to find something under 200k?  

Answer 8

You should sit down and talk to a reputable mortgage broker in your area as well as take a first time homebuyers class. That will answer ALL your questions. Also - truly hoping you have that money saved in a bank. Cash with no paper trail will not work