How can my mother buy a house with bad credit? Answer please?

Tips and Deals Forums Buying Your Home How can my mother buy a house with bad credit? Answer please?

This topic contains 2 replies, has 3 voices, and was last updated by  Anonymous 6 years, 6 months ago.

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  • #217039

    Anonymous

    So my family in my house consists of my mom,my two sisters and me. (4 people) We live in a 3 bedroom and 1 bathroom house. Since we are all girls it’s getting difficult to live in this house due to the one bathroom. The house is also pretty small. It’s time for a newer house. Another reason is that my mom wants to be close to her work to save gas the thing is the houses in that area are a bit pricey.
    My mom was on unemployment for 2 years after she had my baby sister,further complicating her credit score. She then did ‘bankruptcy” and that (I’m assuming) made it worse. About 6 months ago my mom ended up picking herself back up and got a job that pays essentially well. The thing is she isn’t able to qualify to BUY a house until 2013 or 2014. The only thing we can do is rent,and even then,it seems more costly to rent a house rather than to buy. Is there anyway my mom can be able to buy a house now? We really need one. Sorry if anything sounds weird here,I’m only 15 and I just want to help my mom out. (she hates asking questions on the internet.)

  • #284123

    Anonymous

    Sorry… if she was told by the lender that she is not eligible to apply for a mortgage until 2013 or even 2014 then you will have to wait until then.

    What you guys need to do is save money. You can’t just go out and buy a house with no down payment and that means your Mom will need at least 20% down plus closing cost and now we are talking about tens of thousands of dollars before she can even think about looking at a house.
    She only has a job for the last 6 months and the lender require that you show job history for the last 2 plus years on top of the good credit score and the down payment…

    Renting is not really that costly when you figure in that you have to have a large chunk of money upfront before you can qualify for a mortgage on the rest. Renting means you don’t have to pay for repairs – the landlord does and you can pick up and move to a better job when you need to while owning a house can bind you to a place and you can’t go after the better paying job that is too far away from your residence, you have yearly taxes to pay, anything that breaks comes out of your pocket and on top of that you have a monthly mortgage payment.

  • #289459

    Anonymous

    No she can’t. Bad Credit and NO Cash for a down payment. What you want and what you can afford are two different things

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