Hubby and I both owned our own homes, he lost his through he first marriage break up, I sold mine as it was too small for our growing family.
We really want to buy a family home, but both have terrible credit histories (please judgement - feel stupid enough as it is)
He owes about 20k and I owe about 8k. We have about $70k saved though, so we plan on contacting our debts, paying them off and then what? could a loan be possible or would we have to wait 7+ years?
Do we have any hope of buying a house before the prices become too ridiculous?
Looking for advice from people who have been down this road.
Bad credit - home loans
Bad credit - home loans
Posted in:
Life Lessons, Relationships & Marriage, Money
1 Replies
I would pay off all your debts with the money u have saved. Then use the rest as a deposit for a house go to a financial broker tell them you want to buy a house and have x amount as a deposit show them u have regular work and no other debts also if u have any credit cards even if their is no money on them they will still classify it as debts. The broker will do the shopping around for u tell u how much u can loan and the repayments and then u will just have to shop around for the house that best fits your budget.