My husband and I are living in an apartment with our 3 year old daughter. To be honest we are very much sick of not having our own home, a place where our daughter can run around and have space.
We have a steady income and have been at our current jobs for over 3 years. Our credit score is a little above average. It is just we have some deliquent debt.
Does anyone know of any mortgage companies that overlook this, especially in times like this with the economy?
We plan to pay this debt in the future, possibly with a home equity loan, but for now we really need to get into our own house.
Any suggestions are appreciated. Thanks for reading.
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November 17th, 2009 at 2:44 am
If the debt is in collections you will likely have to pay it off, or become current on the accounts you owe (after discussing individual payment plans with each debtor). Then after a period of time being current on everything you can get qualified for a good rate. Good Luck
November 17th, 2009 at 2:44 am
Ask the neighbors where you intend on purchasing your house (or realtor) how much on an average they pay of mortgage. Then try to have twice that every month to get you by. My mother owned a house and it was ridiculous, you pay for EVERYTHING and if anything gets broken it comes out of your pocket…It ended costing 3 x the mortgage payments. People love to say “i only pay x amount on my house, thats better than renting” follow up a statement like that with really? How much do you pay in water? repairs? insurance? and you will begin to see a clearer picture.
November 17th, 2009 at 2:44 am
If you are behind on what you owe now, don’t get yourself into a house. As the first person to respond said, it is a LOT more than the mortgage payment. Something always needs fixing or repairing, and paying all of the utilities yourself adds up. Check in your area to see if maybe someone is renting a house for close to what you are paying now where you would have a yard and some more space.