How hard would it be to get a home loan?

My fiance and I are getting married in August of next year and would love to buy a house after the wedding.. Only problem is, his credit is not the best but mine is good. How difficult do you think it would be for us to get a $70,000ish home loan? We are currently renting and have never been late on payments if that would help at all. And how much would we have to put down?

Any info would be helpful :) Thanks!

Update:

At the moment we make about $3,000 a month, but by then we will both have our bachelors degree's and will look to buy a house when we find jobs in our fields which is Human Resources and IT.

7 Answers

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  • 9 years ago
    Favorite Answer

    You might be able to buy one yourself, before you are married, if you have enough income.

    Since he can't buy anything you need to do it before you are married, afterwards you may not be able to buy anything without him involved.

  • Anonymous
    4 years ago

    considering the fact that approximately 1998 banks have supply up discriminating. hence anybody who can qualify can get a house very own loan. The kinfolk that lives around the corner to you probable has lots of people who're on the indoors maximum loan, in different words, in line with possibility the grandparents and a couple of contraptions of siblings. hence they have been waiting to qualify. On some subprime loans and on FHA, you may have as many human beings as you % listed on the indoors maximum loan as a fashion to apply their earning to qualify for overlaying the charge. First era Hispanics (and maximum immigrants) often have classic values and save their families closer jointly. maximum human beings on the different hand, tend to go far off from their prolonged families, hence the breakdown of the classic kinfolk unit. now and returned this would backfire, as with commencing a employer - once you have the kinfolk all there you dont would desire to hire outsiders (see the chinese language in this one). yet relax certain that in case you qualify for a house very own loan, then specific sufficient somebody provides you with a private loan. the bigger question is why could you % to purchase suitable now whilst all and sundry is familiar with that housing expenditures are crashng (I additionally stay in AZ) and in case you have no longer observed that, then you definately are not examining and paying interest. carry out a little significant learn earlier procuring. bear in strategies it is the biggest investment you will make on your lifetime, so which you will desire to be spending some months discovering your community industry and the place expenditures are heading, earlier you even think of roughly procuring. stable success.

  • Ryan M
    Lv 7
    9 years ago

    With his credit not good and both of you MAYBE having new jobs.....it's not going to happen. Banks want 2 years in a current job capacity to get you approved. You will be better off simply saving your money for those 2 years since you are needing such a small amount of money anyways

  • 9 years ago

    A lender will look at your income-to-debt ratio as well as credit scores and down payment. The FHA has a good site that covers most everything you need to know about getting a mortgage:

    http://portal.hud.gov/hudportal/HUD?src=/topics/bu...

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  • 9 years ago

    Not being late is a plus because your bank will look at your records and see what type of tardy payments you had, I had credit issue but it didn't bother my loan at all, You will be like his good word though so before you do any of this you need to figure a budget and really really talk about the commitment you are making ,,,also he can talk to his bank and pay off the bad credit wich will make his credit look much better. You shouldn't have an issue other than any other bills you pay they will ask what and when you pay too make sure you are not cutting your budget too thin ,,,also make sure you are aware of your interest rate,,,don't use your bank that you have used just becuase ,,,,shop around find a low interest rate,,,my state farm ins will actually do home and car loans.

  • Milton
    Lv 7
    9 years ago

    You left out too much information to make it possible to say. The bank asks about earnings. They must be sufficient to pay the mortgage, the taxes, the insurance and all your normal bills. They accept no excuses or exceptions. To get a $70,000 loan, you will need to make payments of about $900 a month including taxes. So, your income would have to be about $3500 a month to cover all the other costs of living. Anything under a $40,000 annual income and they will probably not go for it. Also, you have to have 20% cash to put down on the new home. That is what often stops young couples, not the monthly payments. And 20% doesn't include closing costs of several thousand dollars, moving costs and money to make repairs that are essential to the home. As a married couple, they will look at joint credit, unfortunately. It might almost pay for you to buy the home now in your name because you will be tied to his credit the moment you say, "I do."

  • Anonymous
    9 years ago

    How difficult?

    No idea. You don't even mention your respective incomes--which a lender will certainly be looking at.

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