Sorry to impose upon this conversation, but what you are talking about applies to my current situation.I am in the process of purchasing a home despite the fact that my current financial situation isn’t the most ideal.
My dilemma now in the process is that the high property taxes have thrown my income to debt ration out of the required guidelines for the loan.How do I report that I will be having a roommate who will be paying half the mortgage as well as parents and family members that will assist in paying of my bills.What is there that can be done to show that the money will be there to pay the mortgage?
I don’t know what I would have for a payment history because there isn’t a 2nd income and I don’t have any saved. But I do have a VA loan I can get. I have my car payment but it’s not reported to the credit bureau and nothing else is reported to the credit bureau. What else is there? Just curious.
Creative financing is where you may use other means of income and payment history to show you can repay a debt. There are many people who don’t have credit cards that are able to purchase houses.
You may supply bank statements, current housing/rental statements, other statements that show a payment history.
There are tons of creditors out there that will help you get into a house if that’s what you are wanting to do.
I would suggest though, that you think about your budget and what you are actually spending. Think also about every place that you can cut corners. Also take a serious look at your spending habits to ensure you are not traveling down the same path.
It’s not easy. I just had a conversation with my husband about trimming his gas allowance. He doesn’t use it all but wants to continue to get the same amount “just in case” he needs extra money. I explained that is what we are trying to do. Stop spending the extra money just because it’s there. So yeah. It’s a day to day thing that we have to face. Thankfully we face it together but it’s not always easy.