Can we afford to buy a house? If we buy a house together, we can afford?

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I’ve been with my boyfriend for about 3 years. We have had our ups and downs, but I know I want to spend the rest of my life with him. Its really bad credit. A, 4 years ago, he owned a restaurant that went bankrupt (apparently, it’s his credit until 2012) and to make matters worse, last winter (07-08) had closed his condo (he the work was unnecessary and could not pay all your bills). Currently, he is ready for a very good job, where he makes about $ 70K/year, it has no debt on their credit report and defects on the closure and bankrpucy. Diefintely He tries really hard to make things right again. When it comes to me, I was an idiot during my first years of my college credits. But since 2004, I have not had any bad marks on my credit report and I have absolutely no debt (my student loans are repaid, and I drive a company car, which I do not pay) my score Credit is about 620 dates, but it moves quickly and should also be over 650 by the spring. I am a great, steady job where I make a sale for about $ 90k/year. My boyfriend and I live together and the rent is $ 1500/month utilities aparmtnet exclusion. This is the point where I’m dying to own your own home. I feel like I’m throwing money away by paying rent each month. We just started looking for a house. We are looking in the $ 350 – $ 399K range and you have to understand where we live, that does not give you much, but we try to do everything we can. As my friend’s credit is so bad that the mortgage will just go under my name and my credit card. Was I even going to be able to get a mortgage on my income and not using yours? I have $ 18K for the down payment and I also have about $ 14K investment. Do we still want to buy that stupid? I think with the market the way it is, is the perfect time to enter a beautiful city on the cheap before the market goes üles.Kui we did not buy a house together, we get documents written by a lawyer, stating that the house in my name, so that the situation will not be messy. Also, my father would prenuptial agreement in question, because he knows the whole situation that you need to understand … If we get married … I’ll take my credit, I wouldnt want to go home to my good credit?

5 Comments
  1. Reply
    Shasta
    February 15, 2011 at 8:43 am

    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.

  2. Reply
    Palm Springs Real Estate
    February 15, 2011 at 9:22 am

    I 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.

  3. Reply
    Dani Bosco
    February 15, 2011 at 9:27 am

    Don’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.

  4. Reply
    acermill
    February 15, 2011 at 9:56 am

    Given 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.

  5. Reply
    ananamas
    February 15, 2011 at 9:59 am

    First:
    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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