I Have Bad Credit From a Bad Relationship. – Meranda

“Dear Steve,

I have bad credit because I got in a relationship very young and have credit cards maxed and a few things in collection. Now I have 2 children and am not working I am on maternity leave and really want to get out of a bad relationship. I have looked at renting at another location but found out if I buy a house in a little town the price for the mortgage is half the rent I would pay. I am not working but will still have an income not including mat leave of 2600/month, plus I plan on getting a job once I move. But I have no family that can cosign. Any thoughts. Thanks.

Is there anyway I can get a little house with a cosigner-finance company with my history?

Meranda”

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2 thoughts on “I Have Bad Credit From a Bad Relationship. – Meranda”

  1. Every situation is different when qualifying for a mortgage but most rules are the same. You must have verified income. You didn’t say where the $2600 income was coming from but can you show a consistant history of receiving this (cancelled child support checks or proof of payments thru court etc)? Lenders have tightened the reigns dramaticalily and will require you to show a good job history. It sounds like you have a job to go back to but are ready for a move due to relationship. Could you transfer with your job to a location closer to that small town? If not begin looking for and find a job. Many times lenders will use your work history (2 years) and accept a offer letter for the new job. They will normally require you to be on the job and show a paycheck before they will close your loan. You need to speak with a good loan officer- find a mortgage bank close to you. You can make the move but need to get things in order to be able to do that. Good luck and congratulations on your new baby!

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