L S asked:


My wife and I are loking to buy a house very soon. I have pretty bad credit (550) and tired of paying rent. I have a three year old and one on the way. The apartment arent big enough for the four of us. I just got a new job (this month)making around 50,000. But, like I said I have bad credit. What is the best way to go about finding who will give me the best rate. What is the FHA loan? is lending tree any good? Should I try to find a lease to purchase / rent to own. I just dont know where to start. Any advice would be great thanks.

Margaret

hopes2graduate asked:


I have a low credit score from back when I was a kid. I have a 05 Jeep Wrangler I paid cash for and I just paid my grandmothers mortage off and she gave me her house. However, I gave it right back to her as a life estate. So Im not sure if I could qualify for a first time buyers plan. I dont want to put her house up as collateral. However, I need to borrow about 60k to purchase a fixer upper home in my area. I have a steady job, a cosigner (mom) and even plan on having at least one room mate. I also have 5% put back in savings, plus 3 months mortage and bills in savings. I tried Eloan/Lending Tree and was denied. I have no outstanding blls and have paid my rent on time for my luxury apartment, early for over a year which proves I can afford a smaller house note! Who should I turn to? (I definitly want less than 10% intrest) Thanks!
Which credit company has the most important score? I think my score is around 600. Its going up soon because I disputed a lot of charges that wasnt mine.

Elizabeth

katieT asked:


Today many companies aside from lending insitutions rely on credit scores to access their risk. These companies include car insurance agencies, jobs, apartments, utilities, etc… Should this be allowed to persist? Should a credit score preclude a person from employment? Too me this doesn’t seem right, or how the credit system was supposed to be used. Yes, if someone has a bad credit score they shouldn’t be eilgble for loans and credit cards, but why should that impact your employment prospects or how much you pay for insurance? What if a person is a terrible and dangerous driver, but has good credit? I think the credit system should be reformed or done away with if it can’t be used in a responsible way. What do you think?

Chris

redladynj asked:


I have been with my boyfriend for a year and a half. We are in a serious relationship, leading to living together in the future. We’re both in our early 50’s, divorced, older teen kids. As part of my divorce settlement my marriage home needed to be sold and I received a nice sum from the sale. I’m planning on using a large chunk for a down payment on my next residence. I’m currently renting an apartment and want to buy a condo. I will still have a nice amount left after the down payment. My boyfriend is in debt and wants to pay off all his debts, credit cards, etc., which will total about $25,000. He didn’t want to have to ask me if I could help him out, but he did and he wants to work out a repayment plan of putting a certain amount of his pay check into my account monthly. It will take about 5 years for him to repay me. He is willing to sign some sort of an agreement. I seriously doubt that he will not pay me back. What are people’s opinions of me lending him this money?
to answer some of your questions - neither of us wants to get married again. We had been in long term marriages before. I also don’t want to give up my alimony. Living together is a commitment, we just feel that we don’t need that piece of paper.

A couple of you mentioned that he should see a financial counselor. How do you find one? And how would you know if that financial counselor is a good one with good advice?
As far as me putting into an investment, probably for retirement - I do have a nice sum in a couple of retirement accounts. Actually this money is part of the money to be used to “hide” so that I will be able to contribute as little as possible for my daughter’s college education. She does not want anything to do with me so I feel I should not be obligated to have to pay for her college.

Glenn