In short- my mom (only 58) is planning on selling her house (too big to take care of, she lives alone) She would like to purchase a home with my husband and our kids. An In-law. Currently, we rent our home. We have never owned a home or even attempted to. We were always concerned that we would never get a loan. My credit score is 690 my husbands is 650…neither of us have BAD credit, however we do have some unflattering issues. I don’t believe these issues will be looked at too harshly since of all my loans (credit cards,car loan) I have never been late paying on them. Its more about the fact that our cards are usually maxed out. But we still make the payments and we usually pay double the minimum. What concerns me about being approoved is our employment history. I have been at my job for 15 months-however the company I work for I have been under their ‘Name" for the last 6 years-I just moved to a different division of the company (however it is a seperate pay roll) I"m not sure if this would have any bearing what so ever on my history. Another thing is my husband just started his new job in May. Prior to that he was deployed out of country (National Guard), prior to that he had been in construction working odd jobs here and there but nothing really stable. So, his employment is splotchy (aside from the military which he has been "employed" with for over 14 years.) Would his military history have any bearing on his history of employment? Since he has only been on the job for a month will his time served in military help him out? The situation that my mom is in, and the fact that we found a house that we want is giving us little time to ‘fix’ things or build up employment. We want this now not later. The house is a HUGE fixer upper (no kitchen/bathroom etc…) so there is no way the VA is going to approve us getting a loan for it. I will be looking into it of course through a bank…my sister in law is a real estate agent and is the assistant branch manager at a small town bank…so I will end up applying and so on…but I’m just curious now about what other peoples’ thoughts are on the info I have given…from people who actually have a good understanding about loans and mortgages (because I don’t). My husband is very worreid we won’t be able to and therefore he just doesn’t want to try-but I say-whats the harm in trying…the worst that can happen is…we don’t get a loan!
well heres’ why we want the house. It sits on 1.18 acres of land. And the cost is $195,000…ridiculously low for the Boston area. My husband and I can’t afford to buy a house above $260 say (and thats even too high) and in our area…we’d be getting crap for that amount….might as well buy a house that has decent property. My mom would be using the money she makes from her home to help us fix it (if we can get it) I would love to buy a "better" home, but its just not possible. The homes around here are still in the 450-500 range (if you want something decent) And like I said, we’re looking for a home with potential in-law…
