my fiancee and I are trying to buy a house, we were offered a house by some family friends going owing to a divorce. It is only $90,000. (awesome deal for california) Unfortunatly, we both have wrecked credit. we have no thought what the scores are but I know that they cant be excellent. we are both only 23 years ancient. Originally we were going to place it in his moms name because her name is gold to any bank, but now we found out the interest will be high because she already has a home loan and this one would be considered for renting out…. thus…more interest. So the bank wants it in our name or at least one of our names with her as a cosigner…… what are the chances that we will get approved…. the loan is not very much and it will be on a 30 year note….how much do you reflect our interest will be? Is it possible to get a laon in our names like that with terrible credit? any advice or comments will be appreciated. Thanks in advance.
this is too excellent of deal to pass up, houses for sale in the same neighbor hood are between 150 and 200 thousand right now….we cant wait til our credit is cleaned up or we will never be able to meet the expense of a house.
