ok, im getting tired of paying rent on a place that will never be mine. here is the deal I live in texas i've got decent credit now aside from a few small medical collections, which I'm told are ignored in home loans. my wife does not have good credit, but she don't work either...can i leave her off the note? being a community property state anyway, i dont think it matters. problems: I have no money to put down. I have high utilization at the moment on my few small credit cards. I want to get something, without getting mugged on interest rates..is this possible? I just don't see us having a huge down payment for a home anytime in the near future..and Im sick of living in an apartment. I've never owned a home btw.
(1) www.naca.com -- for downpayment assistance. (2) IF you can comeup with some down payment, as little as 3%, you can get an FHA loan. Downside is that, you are stuck with PMI for the life of the loan, irrespective of how much equity you build up. (3) Opt out -- (888) 5-OPT-OUT -- before you even start applying for the mortgage ... otherwise you will have all sorts of scum sucking collection agencies placing bogus entries on your report and poison it. Essentially blackmailing you into paying them regardless of whether they are valid or not. (4) All lenders will want to see all collections paid before they will lend to you. Are those medical collections paid ? (5) If you add your wife on to the loan, and she has worse credit than you, you are only worsening your chances of a loan. The "community property" aspect of the law comes into play only if you are either defaulting on the loan, or involved in divorce. That's as far as I know. Others may help you with more specific advice.
