Should we apply for a home mortgage?

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My boyfriend and I want to move out of our parents homes and get our own place. We would like to buy a home rather than rent, but if renting is our only option we could go that route. We are not married yet and we both work. My boyfriend just got discharged from ch 7 bankruptcy a few days ago. His credit score is around 570 and mine is perfect credit just starting 3 years ago. My boyfriend is working full time now along with going to night school. He is taking out financial aid for school this fall. He will be going part time for the next 2 years. I will be done with school soon with no loans and will work part time during my last semester. I don’t know if you need anymore information, but I am just wondering if we would get approved for a mortgage as a first time home buyer in CT? What kind of interest rate would we get? We only have 10K for a down payment and would be interested in a interest only loan.

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2 Comments
  1. Reply
    Andrea
    May 4, 2011 at 1:45 am

    $ 10K is not much for a downpayment in CT, depending upon what part of the state you are in. I can give you a reference for an excellent realtor if you are anywhere between Bridgeport, New Haven & Waterbury.

    Because of the bankruptcy for your boyfriend, he may not be able to be on the mortgage at all. If it is only in your name, only your income will be considered.

    You may want to do some further research into first time buyer programs. Here’s a good site for one in CT:

    http://www.chfa.org/firsthome/homebuyer%20programs.htm

    I think you may have to wait until you are done with school and have a steady income yourself to buy. Do some more research but you may need to rent for now if you both really want your own place now.

    Good luck.

  2. Reply
    src50
    May 4, 2011 at 2:08 am

    Buying a house now in your situation would be a big mistake, even if you could. You are both in school and future employment is uncertain. In today’s market, it would be very difficult to sell a home if you had to. Rent until you are both permanently employed and married.

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