1st time home buyer.?

My credit sucks. My husband has no credit. We want either a land/home package or sight built house with 5-10 acres. The house cannot go in my name because of my credit. How can we do it in his name with no credit, and how does a 1st time homeowners loan work? Lower intrest? Lower payments? We are in Alabama if it helps.

Answer:
Many people see a house as an Asset (for them).
It isn't - it's the banks.which means they can take it away from you.

Work on getting the income level up and managing your resources very carefully. Stay away from debt.

If you'd like a perspective on increasing income, I'd be glad to share on receipt of your email.

Keep Smiling - Good Luck

PS: Try to remember that your present situation is only temporary.

PPS: Can you rent it with an option to buy sometime in the future?
HUD’s Local Home Buying Programs in each state. From State Governments:
http://www.hud.gov/buying/localbuying.cf.
The house can be in his name only on the purchase. your name can be added later to the house deed/title. the mortgage lender may require both names.. or may just use your husbands. but know this.. if you are married you both are legally responsible for the loan.
people are so confussed when it comes to credit and home buying. your credit score dose not matter like you would think it does. you need a job for two years or longer (both of you). you need to have a landlord that will tell you have paid rent on time for last two years. your current debts need to be low. (your lender will tell you how low) you need a good down payment (at least 10%) but first time home owner can sometimes get by with less. DO NOT BUY A HOUSE WITHOUT AN EMERGENCY FUND IN THE BANK. you need at least six months of total expenses. if you don't have that murpy will move in with you( ya know murpy's law "what can go wrong will go wrong"). The easiest place to buy a house for first timmers with poor credit is FHA they are there to put people in homes. and you can feel good about them. if they approve a house than it is well built and should last for years. if they don't approve it don't go to another lender cause somewhere down the road you will need major repairs, find a differant house.. hope this helped i could talk for hours about this lol
If you really care about your financial future and you really want to buy a house invest at least 1 day in learning about it. Almost everywhere you can take a free seminar put on by non-profit organisations who will take you from knowing nothing to learning about what you need to do.

Or you could post questions and ask for advice from strangers all over the world..

The answers post by the user, for information only, BAnswer.com does not guarantee the right.

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