All Forum Posts by: Account Closed

Thank you everyone for your advice. I know it seems wiser to wait to buy a home. I'm just kind of stuck in a bit of a bind. I want to stay in the school district where my girls go to school. Apartments don't rent for less than $650/month, and there are so few of them available. Currently...none.

I figured I could possibly buy a home, though it would cost a bit more for taxes, insurance, and any repairs, etc...
But no, I don't feel it's the wisest choice.

About the vehicle loans. One is for my car. One is for his car. And the other two loans are for his truck and our camper. The truck pretty much only gets used to pull the camper or in bad weather.

At the time, they weren't necessarily unwise purchases. My husband's company closed last year, so that was unavoidable and that is what contributed to trashing his credit. He is re-employed and has been for a while now making the same decent money he was making. But it's one of those things where once you are behind, playing the catch up game can wear on you.

Anyway, I looked at a couple of those cheaper homes today and they need so much work it isn't even worth it. So, I guess I still don't know what I'm going to do. Other than wish for lottery winnings...lol.

Thanks again!

I have been married and living with my husband, the breadwinner, for the last 5 years. We are separating and I am thinking about buying a modest home for me and my two daughters. But I have NO idea if I would even qualify for a loan. On paper, I can definitely afford to buy a small home. I have enough money coming in monthly. But I don't want to venture down that road if I don't even stand a shot.

Here are some basic facts of why I think the odds are stacked against me. I have a part-time job ($700/mo) and have only been employed since last September. Almost 3/4's of my income comes from child support or spousal support ($1800). My credit isn't fantabulous. And lastly, my husband and I together have a few vehicle loans and they are in my name, but he is paying for all of them. However, I'm pretty sure this counts against my debt-to-income ratio, even though I am not responsible for those loans. We can't get them in his name due to his credit.

To those with experience, is this insurmountable? Is there any way around it? Or am I just doomed for home ownership?

Thank you for any of your time and advice that you throw in my direction.