Wanting to buy a house, need advise

[tazabear]

We have been discharge from bankrupcty since Jan. 29, 2003. Our credit scores were very low. We have been working on rebuilding. DH is up to middle 500s. We found a house we would love to buy. It is a repo. They are asking $34000 for the house. We called our bank and are approved, but have to have 20% down which we don't have. The house would only be in DHs name because I don't work and have more debt then he does. Houses in the town we are looking go for at least $60000. DH is set on figuring out how to buy this house. Any suggestions? I personnally think we should wait, but can't really tell DH that with out him getting cranky. Thanks. Stefanie

[HHM]

Reality is reality, if no one will loan you the money to buy the house, then you ain't getting the house.

On a side note, what has your DH been doing to rebuild credit and have you looked at cleaning up your credit report. I mean, you are 4 years from discharge, and your scores are still in the 500's.

[emoney]

Until you have 20% downpayment and scores over 675 you are not ready to buy a house. A home is a serious commitment and with scores under 600 you are not ready to made the commitment which is required to keep the home thru the good times and bad.
regards,
emoney

[bige1030]

Contact your local housing and credit counseling agency. If you're just a bit short on a down payment, and you have a low income, they might be able to help you get a down payment grant. They'd also help you out with your budget and stuff like that so that you know you can afford the house.

[MTG_BANKER_OH]

We have been discharge from bankrupcty since Jan. 29, 2003. Our credit scores were very low. We have been working on rebuilding. DH is up to middle 500s. We found a house we would love to buy. It is a repo. They are asking $34000 for the house. We called our bank and are approved, but have to have 20% down which we don't have. The house would only be in DHs name because I don't work and have more debt then he does. Houses in the town we are looking go for at least $60000. DH is set on figuring out how to buy this house. Any suggestions? I personnally think we should wait, but can't really tell DH that with out him getting cranky. Thanks. Stefanie

You definitley need to get your scores up in order to buy the home, You can possibly qualify for FHA since you are 3 years out and it only requires 3% down. That will be dependent on whether you have any lates since the BK and the condition of the home. FHA is not credit score driven it is credit driven.