Hello everyone, my husband and I are looking to get a house. We were interested in a house that’s $333,000. We have about $13,000 for a down payment and are looking to sale our condo for $70,000-$90,000 which would be used to cover the cost of purchasing the house.
However, my husband has bad credit (mostly due to credit utilization) and my is just fair. I’m a stay at home parent so I don’t have income. Although, we do file jointly. We don’t qualify for FHA since we’ve purchased a home (currently living in) after we got married. Our current house that we are living will be rented out to relatives and used to pay for our current mortgage. We have two cars that are paid off and no existing loans.
We have talked to a realtor and they are in the process of finding us some pre-approved loans. My concern is: how likely will we find a lender that would give us a loan for a house? We’re prepared to see a high interest rate but I was also wondering a ball park of what the interest rate would look like.
We’re also in the process of paying down our debt, so I would really appreciate some helpful insight. TIA!
Posted by ames_k
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Improve your credit and savings first.