Home loan question?
I have a question about a home loan. My gf has great credit but only makes about 13,000 a year before taxes. I make about 32,000 a year before taxes but I have terrible credit and am going to do a bankruptcy probably sometime this year. Now a friend of mine will be selling her house sometime this year. The house is valued at about 90,000 but they will sell it to us for around 67 or 68,000 so the loan to value ratio would be good. We plan on getting married and we have a little one on the way. I would love to purchase this house rather than rent an apartment. I dont know much about the mortgage business and yes I do plan on seeing a loan specialist at some point. I however do not want loan shark terms or sky high intrest.
What advice can you give me and have you been in a situation like this?