Bad Computer Credit Down Financing Money No

Admin | October 25, 2011 | Comments Off

Bad Computer Credit Down Financing Money No

Bad Computer Credit Down Financing Money No

My husband and I want to buy a house. We currently live in a great little (1200 sq ft) house in Texas but with our little one getting bigger by the day our once large house is now becoming cramped. I have worked with a great company for 6 months now and feel my position is pretty stable. My husband works at a stable staffing agency and we make pretty decent money for the area we live/work. We are both stable but we both have crappy credit (in the low 500′s) we don’t have any savings but my father has offered to help with a down payment. My husband is also a part time broker for the mortgage industry so with his connections we can score a pretty awesome rate and get behind all the red tape so that is the only plus. When I was 18 I had a great score (696) and finance several vehicles on my own as well as co-signed for my husband’s truck (at the age of 20) I was unaware of the drawbacks of having too much credit so I started just opening cards and buying things and up until the age of 24 I was paying perfect monthly payments as well as paying off vehicles. When the economy took a dive I lost several jobs due to layoffs. I started getting later and later on payments and even missing some. My debt to income then skyrocketed. My husband has several 4+ year old charge offs and due to our lack of employment (both of us for a 6 month period) all the credit cards that I was paying on since the age of 18 fell to the waist side. I have 2 charge offs for a total balance of 5k. I also have several medical charge offs in the amount of 3k. and one bank account charge off for $ 820.00. My husband has 3 charge offs and several late payments on his credit history as well. We have since enrolled in an excellent credit repair service that has helped us quite a bit. We are now both sitting in the 500′s which is a long way considering we were in the 300′s.
So long story short how can we finance a house with no money down (but with dad’s help) and crappy credit history’s????
Any advice? I was thinking of researching Foreclosed homes but heard they were super hard to finance….we want to stop renting NOW!!