Asked by Sidney  |  Submitted February 09, 2015

My fiancé and I don't have very good credit. Mine is 534 and he doesn't have any. Where does that leave us when it comes to buying a house?

The house we are looking at is $42,000 is Daleville, IN

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  Answers  |  3

February 10, 2015

You will not likely be able to obtain traditional financing at this time, as he will need to have some credit history built up ( if his income needs to be used ) and your credit needs to increase ...

suggestions :

1) establish some credit for him
2) review and try to address your credit
3) if you have some cash to work with - approach the seller ...offer large down payment and ask them to carry the remainder via a private note ( they are likely not going to be receptive to this idea
4) locate a person to buy this for you ...

$commenter.renderDisplayableName() | 01.19.17 @ 13:31

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February 10, 2015

You both need to generate positive activity on your credit reports. Getting, and responsibly using, a secured credit card is a great option. Keep the balance low, use it sparingly, and pay it as soon as the statement comes out. Another good idea is to get copies of your credit reports (for free) at the government mandated website annualcreditreport.com This is NOT to be confused with Credit Karma or other "for profit" websites. Consumers can get copies of all three credit bureaus once per year at annualcreditreport's website.

$commenter.renderDisplayableName() | 01.19.17 @ 13:31

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April 02, 2016

Hi Sidney.
A non traditional mortgage or seller financing arrangement may help you. Make certain you have trusted advisors and a good attorney that is looking out for what is in your best interest

Everyone uses different metrics.
How much can you put down, your ability to make timely & consistent payments, and your relationship with the seller are the main drivers. This and a trusted legal team should get you in the right direction.

You are welcome to contact us directly with more questions. No obligation.

It's not what you make, It's what you keep that determines your lifestyle.

$commenter.renderDisplayableName() | 01.19.17 @ 13:31

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