Could i qualify for a mortgage in your opinion?

[KH02]

We dont have TWO foreclosure's just one...and it's only my DH's not mine.
My credit is perfect all the credit card debt is again his.
Though he is the breadwinner in the family.
He bought the place years and years ago when the fees were only 100 a month...and yes over about 7 years went up to 12K a year....I cant believe it myself but i've seen it all in writing..

We are taking the next few years to decrease our credit debt and it will be down to almost nothing when we decide to buy.
The down payment will likely come from family members....

Anyhow, just wondering how long it may be?? Perhaps I could buy a place on my own..

[Moonwalkr]

At this point I don't see advantages for you owning a place other than pride of ownership. There are just too many unknowns when it comes to owning that could really drastically increase your debt. Rent and pay off your debt, and save towards that downpayment while your credit rating goes up, that's the way to do it. Good luck!

[Jaded]

Originally Posted by KH02

We dont have TWO foreclosure's just one...and it's only my DH's not mine.
My credit is perfect all the credit card debt is again his.
Though he is the breadwinner in the family.
He bought the place years and years ago when the fees were only 100 a month...and yes over about 7 years went up to 12K a year....I cant believe it myself but i've seen it all in writing..

We are taking the next few years to decrease our credit debt and it will be down to almost nothing when we decide to buy.
The down payment will likely come from family members....

Anyhow, just wondering how long it may be?? Perhaps I could buy a place on my own..

Actually, YOU too have a foreclosure because you are married to someone who has it. It may not be affecting your credit, but it's affecting your livelihood because HE IS the breadwinner...ergo, how YOUR credit looks is irrelevant because you earn no money at this time.

Sorry, but it's the sad truth. A lot of people assume that they can be married to someone with bad credit and it not affect them at all because they keep their credit separate. This rarely works, and when it does, it's because the person with the GOOD credit IS the breadwinner.

And, depending on your state, you'll have to buy the home in your name only, and not have your husband on the title, because if he is, with his credit, you won't be able to get it insured since you're married.

Are you not working due to being a stay-at-home mom? Are you in school? It may be easier if you could work for at least a year, then attempt to buy a home using your income. He will not be able to be on the loan nor the title with his current credit issues.

[grannynancy]

I would be concerned about the credit issues with a combined income of 110K a year. That is a good income to have the problems you do. I would sit down with a credit counselor -- not the companies that promise to fix everything but YEARS ago [about 25] we went to one who was free when we got into trouble with credit card debt. They helped us organize our finances, came up with a payment plan, and since then things have been kept in very good shape and I have an excellent credit rating and a very good debt to asset ratio.

I was a stay at home mom but wound up working "other times" - e.g., I did newspapers at night to supplement the income. My daughter is married to a teacher and is staying home with the kids and is waiting tables several days a week until the little one is in school and she can go back and finish her education..........there are ways .............they have managed to live decently with two kids on less than 50K a year and no "assistance" from any govt or agency, but they have to do without many things they want. They are buying their first home. It is modest but one they can afford.

You know, it is tough, but our parents did it, we did it, out kids are doing it. [going without, saving to buy a home] Before the mortgage crisis, I always wondered how folks with the same income as me lived in homes that were three times more expensive than mine and drove new cars every two years.

Now I know - and also know some of the same folks who are now losing their homes..................................

[KH02]

I am a SAH mom during the day. But i do work PT at night as of 2 months ago.
I only make about 800 a month myself....but it does help pay down some credit.

With my income i wouldn't be approved for enough to even buy a home.

The reason we want to own instead of rent, is because we have outgrown our current rental and need to move. But with a foreclosure on his credit we will have a HARD time even finding a rental whom will take us.

We dont drive fancy cars or pay for private schools for our kids or any of that stuff. We dont even EVER go out to eat or side things.

My husband started in a debt hole before i knew him and the climb out has been VERY slow.

We have a little saved but not tons.

In about another year or so i should be able to get a FT job so long as im out early enough for the kids off the bus.

Anyhow...i wish their was a way... (sigh) oh well.

[Jaded]

^^

I know it's hard to not be discouraged. But a year will pass in no time! If I may suggest something however; please take your husband, with you, to a debt counselor/financial planner.

The rewards of doing so will be realized for many, many years. It's better to get him (and yourself) through this with the help of financial "experts" while your kids are young. This way, as they grow older, you BOTH can teach the skills you learn from the counselor/financial planner to your children.

Just my .02 cents!