How do we get approved for a house with having bad credit?

My husband has bad credit and I have no credit, does anyone have any tips or advice on who could approve us or anything like that? We are living in his parents basement with 2 children and have two more that come to visit him in the summer so we desperately need a house. Serious advice only please. thanks.

Update:

I am a stay at home mom and my husband works at a alright amount of money, but he is far into debt. So do we just stay in the basement for a few years or what?

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  • 1 decade ago
    Favorite Answer

    Save a large down payment and pay the bills on time for a few more years. Then when you have the down payment his credit will be better. Also consider buying the house yourself without his credit or income.

    I just read your other questions and it sounds like your marriage is rocky so don't even attempt to buy a home. Maybe rent a small house for the 4 of you his non custodial children might have to sleep in the living room in the summer. Maybe get a 3 bedroom rental so the two infants can share a room.

  • Anonymous
    1 decade ago

    I would stay in the basement, and ask his parents to add your name to the utility bills in order to help build your credit. (Especially if you're contributing to bills, you should be getting some benefit.)

    Paying bills on time is the best way to raise credit, and getting out of debt is really important before buying a house. I would recommend staying in the basement and living on a firm budget to be able to pay off the debt as quickly as possible. A few more years might sound difficult, but if you're putting real effort into reaching a goal it will go by quickly.

    Also, when you buy a house - usually if you're able to put down a deposit of 8% or more, you can get a better mortgage rate and sometimes won't have to pay closing costs (which can be thousands of dollars).

    If you're really interested in improving the situation for your family, I'd suggest reading books by Dave Ramsey, I started using his advice and it's been working great for me so far.

  • es
    Lv 5
    1 decade ago

    Call a mortgage broker and tell him your story. A good broker will give you advice on how to improve your credit. You will have to get out of debt, and at the same time, save money for a downpayment. Figure out how to be happy in the basement for awhile, because you are not even in good shape to rent, with all of that debt. Good luck!

    p.s.- there are many books at the library on repairing credit ratings. Start reading and follow the advice. Start by calling your creditors and see if you can negotiate to lower the debt, don't just ignore the dunning notices. And, sometimes the best thing to do is declare bankruptcy and start fresh. You may want to investigate that, too.

    Also, there is ccc ( credit card counseling)- sometimes they can help negotiate a fair repayment plan, but don't go with one where you have to pay the counselor and they distribute the funds--there have been rip-offs where the $ never got to the creditor.

    Source(s): retired realtor
  • Anonymous
    1 decade ago

    Home loans are now available to many people for whom they would have been out of the question just a few years ago. You’d be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal you<!--believe it to be, a bad credit home loan can still work to your advantage.Your best bet in assuming a bad credit home loan is to pay as much cash up front as possible, and see if by doing so you can negotiate a lower interest rate.

    http://best-loans.awardspace.com/homeloans.htm

    You’ll save enough money over the term of the loan to compensate for the sacrifices you had to make in handing over the down payment.

    The bad credit home loan can be a win-win proposition for both lenders and borrowers; the lenders, thanks to the higher-->interest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!

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  • 1 decade ago

    That's a toughy in today's market.Some places are even hard to rent with bad credit,So my advice is fix the credit,pay it off.Save X amount of dollars usually 5 or 10% for a down payment,pay all bills on time even utilities(which most don't think of) If you can't do that your best bet is find a long term rental for more space and your lifestyle and work towards it sometime in the future.I would be wary of today's market.Wait is my advice.

  • kapn
    Lv 7
    1 decade ago

    You need to go get a job...stay at home moms are a thing of the past...or you can stay in the basement.

  • Anonymous
    1 decade ago

    Sorry in todays market You do not buy unless u want to loss.

    if u are in parents basement , u aren't making money?

    so u don't buy, u rent.

    u and he figure ways to increase ur incomes. learn to own ur money .

    suggest visit dave ramsey.com to save u thou$ands in pain and hard lessons.

    Source(s): ex credit junkie/Slave, biz owner now
  • 1 decade ago

    go to www.envisionlending group.. or lenderlab.com.. i was searching for it too.. i went to lenderlab.com and i got a call from a matt barrett at envision lending group and he is working with us... i dont know what state ua re in.. but give it a try..

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