I’m Getting Married But Have Bad Credit. Should We Wait to Buy a Home? – Lynn

“Dear Steve,

I am getting married and my husband to be has great credit score about 675 but we where thinking about getting a home loan just in his name but we are questioning if we should do that or wait for two years after my bankruptcy that I had to file because of threats to a company that was go under. I was paying direct deposit payments on time to them but out of the blue they wanted the total 30,000 up front.

Should I wait to fianance a 115,000 home or wait about two years to add both of us to the home.

We are also paying for a our wedding. Its not that we don’t earn enough money we both earn about 20-30,000 a year plus I am 50% disabled thru the VA.


Dear Lynn,

Interesting question. I had to think about this one for a bit but after careful consideration, I’m not sure. Here is where I am torn. While your husbands credit score is good, it’s not great, and that will leave you with a bit higher interest rate and less of a house you can qualify for on one salary. But, there are some pretty nice incentives for first time home buyers now available. And depending on where you live the in the country home prices may be about at the bottom or have stabilized. Additionally, you might have some very attractive VA home loan benefits to help you get in to a new home.

Before you don’t think you can apply jointly for a mortgage I really think you should meet with a mortgage broker and find out what mortgage reality is for you and your new husband right now, rather than guessing.

My primary concern is that you’ll commit yourself to buying a home without having any savings account or money to fall back on in case of an emergency. Buying a home and furnishing it or fixing it up is a lot more expensive that new buyers are ready for. It is easy to run up credit cards getting the home just right. This falls on the heals of the wedding you’ll have to pay for. Be careful. Be very, very careful here.


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