How can we get a home loan with bad credit and no DP?
My fiance and I have been looking for a house for a couple years. We have always done it under my name because I have good credit but I lost my job 2 days before closing on our dream house and a week later someone else was moving in. I haven’t been able to find another job because of the economy and I live in a town of only 1500 ppl. There are literally NO jobs in this town and nothing in the towns around us either. My fiance is perfectly fine with me not getting a job because we can afford for me not to but he has horrible credit. He left home at 17 so he’s had money problems ever since. He has 1 credit card that he hasn’t paid for and he had a truck reposesed 2 years ago. Sooooo he has like a 520 credit score which is bad enough that I don’t see how anyone will give him a loan. The house that we almost got we had the loan through USDA and now we’re afraid that because of that they won’t want to work with us again. Like 3 years ago my fiance tried getting a loan through them and they told him he would have to pay off his credit cards before they could help him. He has paid off one of them but then his truck got reposesed as well so we don’t know if he’ll just say no way again. Are there any other places we could try that requires no down payment as well? If I had a job we would have no problem getting at least 5% but with me not being able to find a job we can only afford our have to’s with not enough to spare to amount to anything. Also we’re getting married in September and we’d like to find something before we get married so we can start fresh with a new house and a new marriage. We found another house that we love and it’s $ 65,000 (like i said we live in a small iowa town and $ 65000 is a NICE 4 bedroom 3 bathroom home lol) I was approved for $ 120,000 through USDA with no downpayment and I made half of what my fiance does so do you think that will make a difference? If we’re financially able to afford the house does that count for something? Also we REALLY want to build a house but I don’t even know how to get a loan for that. We have went through absolutely every detail of the expenses to build a house and with my fiance’s family willing to build it for us everything since we dont have labor costs around $ 80,000. Including land, curtains, lights, furniture, sinks, tubs, faucets, everything. Sooo also if someone could tell me how to get a loan to build a house that would be awesome. Please help! We hate our rental!!!
My fiance doesn’t have spending problems he just had to grow up alot faster then most ppl and it took him a while to figure it out and it was a $ 300 gas card and he hasn’t gotten a bill in over 2 years and the truck he lost his job because he was in the hospital and couldn’t get another one for 3 months so he couldnt make the payments those 3 months and the bank wouldn’t work with him so they did that thing where they sell it and just forget about the difference but it still looks bad on him. But anyway thats not what I was asking i’m marrying him no matter what i love him and his credit isnt going to make me love him any less thats ridiculous.
I obviously know we need to get his bills paid we’re working on that i’m just asking where we can get a loan i dont want opinions about how i should save money i don’t have and pay bills i cant afford if that was my question i would have asked that.
well doctor deth you have obviously never been to iowa. lol my fiance’s entire family built there own homes and 2 of my sisters are doing so right now and yes everyone of them has done it under $ 100,000. In Southern Iowa the average NICE home cost about $ 50 to $ 60 grand and to build one IF your doing all your own labor it only costs a little bit more. I’ve done my research.