You probably won't be able to afford a house in that area, let alone have enough for the down payment. Keep in mind you also have to pay property tax and property insurance in addition to the mortgage payment. If his credit is below 680, expect to pay a very high rate that is probably not worth it.
A 200K house will be at least $1,800 a month ($1,460 payment + taxes + insurance).Trying to buy a house?
Unless you have a good down payment (at least 20% of the selling price) no one will talk to you if you have bad credit. You would be better off to rent for awhile and get your credit cleaned up.
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Those bills must have been ignored by your boyfriend, or you, depending on who they belonged to. If you owe a lot of money and don't have an excellent income, your chances of getting a house are pretty slim.
well without good credit, you may have a problem securing a mortgage, or even a mortgage with a reasonable intrest rate, also westchester is the most highly taxed county in NYS.., putting down 20% of the home purchase price would be ideal, but how many people have 40K lying around, you must calculate every expense you have, and will incur if a home is purchased, ( mortgage, taxes, insurance, utilities, etc) then subtract it from you monthly net income, if you come up with a negative number, forget about a house, sorry and good luck
Go to your bank for a pre-qualifying loan. They will tell you exactly how much, if any, you can qualify for and how to fix any problems that stand in the way.
Sit with a mortgage lender. For a small fee, they will pull a credit report. That credit report will determine your eligibility for consideration. You will be asked to contact all listed creditors with balance(s); judgements; chargeoffs, etc. and have an opportunity to pay off balances. Most often, those in ';collection'; have been bought by another company and you can offer a ';settlement'; which is often much less than the original amount. Once your debts are resolved, the mortgage lender will determine the amount of the loan and terms of payment. Meanwhile, don't apply for credit cards or try to buy a car - remain totally focused on repairing the credit report.
Please note -- the process is lengthy and will take a few months.
I would start looking into an FHA loan. I am in the process of going with them, and the agent told me that they don't necessarily look at the credit score; however, ALL collections must be paid off. She let me know that they are more concerned with the debt to income ratio.
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