(Closed) no go on a home loan ; ( ((VENT))

posted 5 years ago in Home
Post # 3
18645 posts
Honey Beekeeper
  • Wedding: June 2009

I’m sorry you are stressed out.  Just use this time to build up your credit and pay down debts.  I would reduce the cost of the wedding to what you can afford without increasing the debt.  If that’s not possible, you might want to consider postponing until you can afford it.

When the time comes, you could just put the loan and title in your name and avoid dealing with his bad credit on the loan.  Then if you want him on it later, you could refinance and add him to the loan.

Post # 5
2295 posts
Buzzing bee
  • Wedding: April 2013

Good luck with rebuilding your FI’s financial status! Hopefully this is a blessing in disguise to get things all on the right path before you are married.

Were you planning on taking out loans or putting the wedding on credit cards? Or just scaling back so you can save up more money for a house?

Before you do anything really rash like bankruptcy, I’d suggest listening to or reading some of Dave Ramsey’s stuff. A BK is a big decision that has an impact for years to come. I’d hate to see you two years from now in the same situation because someone told you wrong.

Post # 6
11752 posts
Sugar Beekeeper
  • Wedding: November 1999

So frustrating, I’m sorry. Can you get approved on your salary alone?  

Post # 7
11752 posts
Sugar Beekeeper
  • Wedding: November 1999

I would also consult a financial advisor before deciding to file for bankruptcy…

Post # 8
5786 posts
Bee Keeper
  • Wedding: May 2011

Have you tried to qualify on your income alone? When we were loan shopping I was pretty surprised what I qualified for (who knows what would have happened in underwriting though). Has your Fiance already filed for bankruptcy? I can’t see how that would be a non issue in only two years.

Post # 9
2065 posts
Buzzing bee
  • Wedding: December 2011

@MrsWBS:  This. Bankruptcy is a rather big deal and it will probably take more 2 years to rebuild credit. Most lenders will consider him again for loans after 2 years, but you’ll pay for it with insanely high interest rates. It also stays on your credit report for quite a few years.

Post # 10
2705 posts
Sugar bee
  • Wedding: September 2012

As frustrating as this is, it might be best to put off buying a house until you are both financially stable.  You don’t want to end up house poor.  PP had a good suggestion about meeting with a financial advisor to help get you on the right track.

I would definitely scale back the wedding or postpone it so don’t have to go into further debt.

Good luck!

Post # 11
963 posts
Busy bee
  • Wedding: August 2011


+1. OP: I know you want to buy a house now, but it’s probably not a bad idea to get finances on track before buying. Houses often involve a lot of expected expenses so it’s helpful to have extra saving and available credit. You can still get married and move in together, renting really isn’t the end of the world. A better credit score will also help you get a lower interest and pay less money in interest.

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