We can not afford to buy a house? We should buy a house together, we can afford?
I went with my boyfriend for three years now. Had our ups and downs, but I know I want the rest of my life to spend with him. His credit is really bad. For one, about four years ago he owned a restaurant that went bankrupt (which will be on credit, and possibly even 2012) and to make matters worse, last winter (08/07) of his apartment was forbidden (was laid off work and paid all his bills) . Now he has fixed a great job where he was working on and $ 70K/year, and said it had no debt on the credit report of its own, and the only flaws are negative and bankrpucy. He is trying really hard things diefintely the right to open again. When it comes to me, an idiot during my early years in college with my credit. Since 2004 I haven’t had any signs of a bad report on my credit and I have absolutely zero debt (loans paid my studies and I drive a company car I dont want to pay) Credit Score me about 620 BC, but moved quickly It must be good if the spring 650. I have a great, steady job in sales where I have about $ 90k/year. My friend and I live together and rent of $ aparmtnet 1500/month not including utilities. From now to the point where I go private ownership of my house. I feel that I have money to throw away to pay the rent each month. We’ve just started to search for homes. We are looking at $ 350 – $ 399K range and you have to understand that we do not live where you get a lot, but we tried everything to get what we can. Friends since my credit is so bad, and the relationship is just going to be under my name and go on my credit. I’ll even be able to communicate with my income will not use his? I have $ 18K for the deposits, I would also like to be around $ 14K in investment. We are stupid to even be looking to buy at this stage? I feel that in the market for what it is, is the time to get to town for a nice cheap before the market goes aan.As do buy a house and we’re going to get the documents written by a lawyer makes it clear that the house under my name because the situation will be chaotic. Also, my father was in the pre-National Unity Party concerned because he wants to know all situasieOok you to understand … If we do not marry … And wont take his credit I want the house to get my credit now with the good?
I would suggest you not buy a house until you get married. What if you break up. Also do you want to sign something with a guy with bad credit. If I discovered my boyfriend had bad credit I’d give him his walking papers.
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LikeDislikeI really think you should continue to rent. If you have any doubts, do not buy a home and then get stuck not being able to get out of it. In that price range your payment will be large and you will have all kinds of other expenses. If anything wait a little longer and make sure that the jobs are stable. You should be glad to have only a 1500 dollar rent payment.
Keep saving and wait until the timing is perfect.
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LikeDislikeDon’t do it until you get married. If you can’t make the commitment of marriage, don’t make the commitment of a house. I would be very messy if you broke up.
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LikeDislikeGiven the approach you are using, you are being very stupid. I gather that the TWO of you want to own this home jointly. If only YOU are on the mortgage, guess who owns half of the property with no financial obligation to pay for the house. Yup, that would be your boyfriend. If things go sour in the relationship (wake up and realize that this happens regularly) he has equal ownership and YOU owe the mortgage.
Don’t do it. If you insist on buying, buy the house in YOUR name only.
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LikeDislikeFirst:
The advice you have been given, that if you buy jointly but put only your name on the mortgage, means he owns half but has no liability, is absolutely 100% correct. Therefore, just *don’t do it*. It’s a horrible, dangerous idea.
Second:
If you get married, you do not take on his credit. Credit is an individual score, not joint. If someone with good credit marries someone with bad credit, then they each retain the same credit they had before they were married. Credit is a record of how you honor your obligations. Why should the fact that someone else failed to honor his in the past (even if you are married to him) tarnish you as well? Likewise, he doesn’t obtain your credit when he marries you; his is still shredded until 2012.
Third:
I echo the advice that you are not ready to buy at this stage in your relationship.
Fourth:
Don’t be in such a rush – the housing market’s not going up anytime soon.
Finally:
Did you consider that you are currently paying $ 1500 in rent but at the price range you are considering for purchase, you would be looking at a mortgage payment of about $ 2300 plus taxes and insurance? Most parts of the country, property tax is at least 1% of your home value, so that means your property tax would be an additional $ 300/mo and figure $ 50/mo for insurance at a bare minimum. So you’re going from a housing payment of $ 1500 to $ 2650. Do you have an extra $ 1150 per month right now? If not, then you cannot afford the house.
If this is the right person for you and things work out for you together, you have all the time in the world to be together and own a house together. I just suggest you wait until you have all your ducks in a row relationship wise, credit wise, and financially. good luck.
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