Post # 1
we applied for a FHA home loan and got denied today. FH is very upset caz its mainly due to his credit problems they told us to have him claim bankruptcy and rebuild his credit and in 2 years we would be ready. i have rebuild my credit and ill be ready by october of next year. we need 3 revolving credits of 12 months or mor which ill have by october of 2013. we want to move in together and get married but now we have this to take care of. i dont know what to do. pospone the wedding? everyone says no dont do that. i guess we just have to cut down on things for the wedding ; (. i just feel so bad all we want is to own a home. so many houses are just sitting why do they make it so hard? im so upset. i really dont want to rent i hate having a landlord.
i dont know what to do or how to make my FH feel better he is beside himself he thinks its all his fault because of his credit we get approved for a home for 2 years ill be ready in october 2013 which would be a few monthe before our wedding that would not be so bad but 2 years UGH!!!!! that sucks
Post # 3
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 # 4
@MrsSaltWaterTaffy: were going to try and work things out im just hoping we dont have to pospone the wedding ; ( i dont know what to do im going to try this weekend to cut the cost of the wedding down i dont even know where to start i guess with the flowers lol i dont know what to do
Post # 5
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
So frustrating, I’m sorry. Can you get approved on your salary alone?
Post # 7
I would also consult a financial advisor before deciding to file for bankruptcy…
Post # 8
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
@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
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.
Post # 11
+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.