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We have rented a 2 bed 2 bath townhome for 7 years. I'm ready to own a place. I'm 40 and never owned. We can't afford much and hard to get a loan since my husband credit score is 660. Mine is 770. So I found this cute ranch couch home (front door and garage door in common area). 119K. Do you think it's a bad investment to purchase this? No kids, just my husband and 2 dogs. Also would have to be on the Mortgage myself.... but he can be on the deed.
I think you are mis-informed about qualification for a mortgage. Your husbands credit score, if it is 660 is plenty high (most lenders want 620) and your 770 would qualify you for the best rates. Of course there are other factors like your debt to income ratio, your income source, down payment etc. You really need to speak with a qualified mortgage lender to review your qualifications based on your current financials.
I also caution people against the 2 people on the deed only 1 on the mortgage. There are better ways to ensure your husbands rights.
Why not? What's the hesitation? Only you can know if you can live in a cute ranch couch home....not sure what you are asking actually. If you like it, go for it.
I worked with 3 different lenders and they said for a low cost we would have to put 20% down because of his credit score.
Okay? Is that not doable for you? Still not sure what you are asking. If you are asking if you have to have him on the mortgage, you don't. You can be on the mortgage and him on the deed as you already posted in your first post.
For many years, I would not consider a 1BR because I figured that even if a couple didn't intend on children, it was nice to have an office. However, those days are largely gone, A laptop, tablet, phone, can do all those office chores anywhere.
But I think you have the answer. For those 7 years when you had a second bedroom, did you use it?
For many years, I would not consider a 1BR because I figured that even if a couple didn't intend on children, it was nice to have an office. However, those days are largely gone, A laptop, tablet, phone, can do all those office chores anywhere.
But I think you have the answer. For those 7 years when you had a second bedroom, did you use it?
What if you have company coming over? I prefer to compute from a quality desk and I have a large desktop I built, a laser printer, two monitors, etc. I am not the norm in this regard, but things would be tight even for just myself with 1BR.
Few would be interested in a 1 bedroom/1 bath, even a single person. Got to be 2/2 or else a very limited resale market. How much more would this cost in the same or identical complex?
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