Looking for information about buying a house with bad credit, any advice?
We got married in January. She has almost no credit history, I have a horrible credit history (Score is currently 549, but rising) thanks to my ex wife and my parents having used my name. I’m 26, she is 23. Together, we have a combined household income of about $ 52,000/year. We really dont want to pay rent anymore as it is quite the waste of money, so we are looking at buying. However, we are very aware of the fact that we are in no position to be applying for loans/mortgages. What options are available to us and how do they work?
Ok, let me say again. Our credit score is currently 549. We could not currently get a mortgage. And we dont wish to continue wasting money on rent.