Found the perfect house but we are barely starting to build a good credit score”?

: Found the perfect house but we are barely starting to build a good credit score”?
Alright here is the deal, about 2 years we were buried to our head in debt and then out of god’s grace we were presented with an amazing business opportunity and now we are making about 250,000 dollars a year and have payed off our debts but still don’t have the credit to buy the house we want which costs 400,000 and we really want it. Is there anything we can do about it?

Answers and Views:

Answer by Typical Liberal
Banks don’t consider income a main factor anymore. They look at your character and stability. Look at Donald Trump, we makes millions each years just to declare bankruptcy when he gets a chance.

Best advice to give you is to avoid any debt, don’t be desperate for a home, with this economy there is shortage of homes for sale.

Answer by linkus86
You need to find a short term co-signor. Once you begin paying on your mortgage your credit score will sky rocket in about 5 months by about 80 points and increase in subsequent months. After a year you will likely be able to refinance the mortgage separate from your co-signor especially with 12 months of no late payments on your record. Good Luck!

Answer by MadMan
No. And never “really want” a house – this is how you make bad decisions.

Answer by gdubs123
If you have good income/savings and can prove it with bank statements, you might be able to get a loan. But it will not be the best interest rate. You can always refinance in the future once you have improved your score.

But that being said, i would try and make a large down payment and borrow as little as possible.
You should check out foreclosures or bank owned properties. I was in a similar situation and got a great property that has already appreciated $ 100k.

But only go ahead with it if your income will stay where it is for a long time