Wednesday, May 26, 2010

If person A has good credit and no job (will be in school) and person B has a good job and bad credi

can they get a home loan together? What are the odds?



If person A has good credit and no job (will be in school) and person B has a good job and bad credit.........

Well, I guess first it really depends on how much money you got down. it has been said that you can buy credit, and to a certain point You can.



What happens is when you sign your good credit with there bad credit they get nothing ( Bank or Loan company is watting to get there House back) You now have mediocre credit. If you make payments on time, everything will be well, and your score will come back up. But you still have debt to income ratio to overcome.



number one unless your Married to the person, a reputable Bank or Loan Company wont touch this, because of the No job student vs job w/bad credit thing.



Now that being said ( and true)



heres what you can do. find an NON-QUALIFIYING ASSUMABLE home loan (that means your useing the home owners same old loan). they are very scarice, but you dont not have to prove income on non qual house's, nor do you have to have credit. Heck you could be a terrorist and get in a NON QUAL. When I say the are scarice, I mean if you find one its a dump or a dimond. ALL non quals are going to have a high down payment, becasue your paying the owner his equity in his house. Say I have a home I paid 84,000 Dollars, and I have paid half of that, my pay off is 42,000 its a NON QUAL ASSUMABLE FMV appr says its worth 120,000 now. Your going to have to pay this guy about 42,000 if he makes nothing , or 80,000 CASH if he wants his investment + the growth. Most people will meet in the middle, some want it all back . So then The US government. you have to have in the Bank some of this Money as only part of your downpayment can come as a gift from family freinds, so you cant just bring out 40,000 dollars cash and say here it is. there has to be a record of the Funds used ...ie how did you get it where did you get it, all of thats for tax recording and so that a drug dealer cant just buy stuff. who ever said now is not the time to buy is wrong, Now is a real good time to buy, only it might get better in a few weeks, or perhapse in a few months. it really depends on the area your trying to buy.



I suggest before you start this jorney you



learn to CRUNCH NUMBERS



learn what is P,I,T,I.



and if your not married to this person that has bad credit. ask around about doing this. ask friends / family / ask people that have bought a home with an other person.



and know that if you do this You adpot ther credit ( makes your worse) Just applying for a loan will drag yours down some, and could even hurt it for a while.



If you are going to Marry this person, thats great, BUT. That if that person really Loves you, they wont enter into a marriage and bring to the table BAD CREDIT. That will hurt you. And credit ( GOOD CREDIT)is the hardest thing in the world to have, and harder to get back once its gone.



Your in school still, so i assume your foreging a life for your self, thats great. Dont let anything drag you down while your still working so hard to get to the top of the heap.



If person A has good credit and no job (will be in school) and person B has a good job and bad credit.........

Yes. But help the one with poor credit improve their credit. Have that person take out a personal secured loan from a bank and pay it off within 30 days. Do it three times at 3 different banks within 4 months. Pay each loan off entirely within 30 days. This will look great on the person's credit report and boost it tremendously.



If person A has good credit and no job (will be in school) and person B has a good job and bad credit.........

best thing to do is to visit a mtg company some times they have programs available... every state have different guidelines... one of the main things they look at is the scores ....best thing once again visit a mtg comp...most of them will give a pre aproval...



If person A has good credit and no job (will be in school) and person B has a good job and bad credit.........

It's VERY unlikely in today's market.



Have person B clean up their credit. You should never purchase a home with bad credit, that's a great way to have your house foreclosed on in a few years and for person A to have lousy credit too.



Person B needs to become financially stable before making investments with or considering a serious relationship with person A. Person A would be VERY unwise to get involved with someone who isn't responsible. Financial issues cause the biggest strain on relationships, love each other enough not to do this to yourselves.

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