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What should I buy my new boyfriend?

What are the chances of my boyfriend getting approved for a small loan to buy a condo?

  • I have $20,000 that my mom gave me, and I really want to purchase a condo with this money. My boyfriend doesn't make much, and if we get a 2 bedroom apartment the monthly payments will be much more expensive than the payments on a condo. My boyfriend only makes about $2,000 a month, but we're about to have a baby, so he will be getting a little bit more once we have the baby because they will not be taking so much money out of his paychecks. Obviously $2,000 a month is not enough to live off of; my parent's are going to be sending me money so we will be fine. My boyfriend has very little credit experience; he bought a car about a year ago, has a macy's card, used to make payments to a jewelry store, and used to make payments to an electronics store. He started this all about a year ago, right when he turned 18. Anyways, he usually makes his payments on time, but I know that they're very strict now on who they give loans to. From what it sounds like, does it seem like my boyfriend could possibly get approved for a loan? If not, can I please have some advice on other options? Thanks!

  • Answer:

    Wow! You have a lot of things going on here. 1) Buying a home together without being married? Bad idea. 2) Giving $20,000 of your money to you unmarried boyfriend to buy a home? Another bad idea. 3) Having kids without being married? Another bad idea. 4) Buying a home with an annual salary of $24,000? Another bad idea. 5) Depending on monthly supplements from your parents to help make ends meet? Another bad idea. I hate to say this, but you're doing just about everything wrong that you can. I doubt any bank will give a loan based on situation you described. At 18 or 19 I think you're both too young to betaking all this on. Staying at home, saving more money and earning more income are all pieces of advice I'd give. Also not having children at such a young age would have been smart. Too late to do anything about that. Good luck.

natashai... at Yahoo! Answers Visit the source

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well to be honest whats done is done. having a baby without being ahead financially is something that shouldnt of happened but it did. to be honest borrowing more money is just gonna put you deeper and farther away from financial freedom. the best thing to do is rent before buying a condo and build up that credit on both your parts. in the long run it willbe worth it. the last thing you need in this situation that isnt so great is for you to owe money and to have to lose your condo a few years from now and reaaly mess up the little bit of credit you have. so be smart i know you want the husband the child and the home but right now it wont happen unless you think and make smart choices. sometimes you have to sacrifice to live the life you dream of.

cookie

Like I said before in my last answer that, APPLY FOR FHA LOAN !! you can get approve for a loan than contact your real estate agent and ask him to find you a condo for that loan amount. In Texas if you have a 620 credit score and have this income you will get approve for about 100k loan with a down payment of 3.5%. Matter in fact you can buy a nice house in a really good neighborhood.

legend

Screw what the other two said... GOOD FOR YOU. Good for keeping the baby, and for staying with your boyfriend, and trying to make a sound investment! It's not all about the amount of money you make. Since you're going to have a couple grand for a down payment you're headed on the right track. Of course, the bank will check both of your credit scores. But the most important thing is your debit to income ratio. Most banks will not allow a mortgage loan unless your debt (bills such as car loans, credit cards etc. ) is less than 30% of your income. But the good news is that you're working with two incomes. Mortgage lenders typically will go over your credit score. The most important thing to start doing now is paying down your credit cards and small loans asap. But it doesn't hurt to call and ask. I'd go with a small town local bank. More friendly, easier to work with and to get a hold of when you have questions. Good luck!!!

Rachel <3

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