Sara Cardenas…, Home Buyer in Pasadena, TX

Hi Im Sara ,and i have alots of question.Will im trying to get a home ,but i have a little problem that were im working im not making to much .?

Asked by Sara Cardenas , Pasadena, TX Thu Dec 10, 2009

Im trying to see if i can purchase o home ,for this moment it will be me only but when my boyfriend get to found the job it will be boths income, so i wish to now if you could help me please because were i live its a mobile home and i just sold it but their waithing on to see if i already found my place to move ,im looking at list 3 bedroom and 2 baths because of my children.will i hope ya can contac me please .... thanku and have a wonderful day.. Sara

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Sara, sometimes people break up. Make sure if you depend on his income that you draw up an agreement that covers what will happen incase you part ways. That is a problem I have seen several times on here. The one left behind is asking for help when the other is not paying. Or worse yet, I want him out. But he is paying rent (half mortgage) and refuses to leave, what now.

Sara, do you have much debt? Generally speaking a house should cost no more than your income x3. If you make $20k you should not pay over $60k to be safe. If you have a lot of debt that amount can drop considerably. What is your fico score, do you know? If it is below 700 you may find financing harder to get. Below 600 would be almost impossible. The higher your fico score the lower your interest rate becomes.

You can get a free credit report once yearly. But there is only one government site that is free. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm (leads to)
https://www.annualcreditreport.com/cra/index.jsp

House prices are likely to drop more over the next 3 years. You may qualify for the $8k buyers credit until april 29 2010.. Fannie mae mortgages are available with 3.5% down. Maybe the $8k credit would help with that. Talk to the irs before making a commitment based on that credit. If you feel you must buy now and not rent any longer consider a double wide if you can not afford more. Be aware that trailers are harder to fix than houses and can be more expensive when repairing. Plus mobile homes depreciate over time in a good market.
1 vote Thank Flag Link Fri Dec 11, 2009
Sara, in today's mortgage market lenders require 2 solid years proof of income where the mortgage payment would be approx 35% of gross income do you fall into this category? If you plan on using a boy friend don't, when a marriage breaks down which provides official documentation of the break you can not get the co-applicant off the mortgage so just think how easy it will be for a boy friend to stick you with a mortgage you can not afford. Good Luck, Bob
0 votes Thank Flag Link Fri Dec 11, 2009
Thank u, I m not any more with him, i m by my self and I m making more this time..
Flag Sat Dec 21, 2013
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