Trying to purchase a home and I'm scared

[Squeaky]

In the last couple of months, situations have presented themselves, resulting in having to move back home to care for my parents. It was a thought I didn't hesitated on, being, they are the most amazing mother and father any child would be blessed with, I'm so thankful it was me. For 18 years, they took care of me, so taking care of them will come with the greatest joy, patience and ease.

 

Presently, I reside in another city and moving home must be immediate. Fortunately, the house next door to my parents, will be available, which belonged to my grandparents. The people living in the house, we're all close with and they've agreed not to put the house on the market, allowing me to have first grabs. Here's my fear, my credit isn't the best, yet I don't have any bankruptcies, credit cards, loan defaults, etc. By choice, I've never owned a credit card, my thing is, if I can't pay cash, I don't need it. I've never been late paying my car note or insurance, the 2 things on there, I've paid, each month and timely.

 

The issues with my credit are other people. When my grown child was a very young child, the judge ordered her father to pay all her medical bills. Being I was the parent that took her to all her doctor visits, the bill was put in my name, because the doctor's offices wouldn't honor judges' orders, they say the responsible party is the parent that brings her. When he refused to pay, I took him back to court, he was held in contempt , but he didn't care and didn't pay any of the bills, so they are still on my credit. I'm afraid that's going to hinder me from buying this home and it's imperative I get that house, so I can get to my parents right away.

 

Does anyone have stories of likeness or any suggestions? All will be very much appreciated. Thank you in advance.

[Emtmedic44]

May I suggest moving this to the medical forum where WhyChat may be able to guide you?

[futurehomeowner?]

You should contact a loan officer and have them pull your credit and see where you stand. Why chat has a great program to help remove them but it doesn't sound like you have enough time to do that.

[Squeaky]

Trying to move this to WhyChat, but I don't see any edit options for my post, not even a deletion option.

[MarvBear]

You cannot delete a post,, and you can only edit for a few minutes after you initially post.

[MarvBear]

If you wish I can move to the medical forum. Please advise.

[cashnocredit]

A couple things come to mind.

 

1. You need to get a couple of credit cards immediately. Having credit cards is by far the most important positive thing on a credit report. Treat them just like a debit card and pay them in full each month and it will have a very good affect on your credit. You don't have to borrow and carry a balance to have good credit.

2. As others mention medical debts are different and there are more effective specific ways to handle them. Check out that forum here.

3. You may well be near or past the reporting SOL for the medical bills since the difference between very young child and grown child is typically over the time limits. Please list how much and when the debt was incurred.

 

Also, if you are having to move suddenly there is a question of income. Mortgage lenders like to see at least a year at a job, preferably more. You need to look closely at whether this is doable and explainable to a banker.

Edited March 30, 2014 by cashnocredit

[SuperGurl72]

Is there anyway to get them to lease the property to you for a year or so? Maybe a lease with option to buy or rent it for a year?

[shifter]

Is there anyway to get them to lease the property to you for a year or so? Maybe a lease with option to buy or rent it for a year?

+1

 

based on a thin file and medical derogs, I don't think you're in any position to buy a house.

 

talk with them about a lease purchase that will give you a couple of years to get your credit clean in order to qualify for the loan.

[futurehomeowner?]

 

Is there anyway to get them to lease the property to you for a year or so? Maybe a lease with option to buy or rent it for a year?

+1

 

based on a thin file and medical derogs, I don't think you're in any position to buy a house.

 

talk with them about a lease purchase that will give you a couple of years to get your credit clean in order to qualify for the loan.

One of my issues on a pre approval for conventional were the brand new cards we had.

[cashnocredit]

 

 

Is there anyway to get them to lease the property to you for a year or so? Maybe a lease with option to buy or rent it for a year?

+1

 

based on a thin file and medical derogs, I don't think you're in any position to buy a house.

 

talk with them about a lease purchase that will give you a couple of years to get your credit clean in order to qualify for the loan.

One of my issues on a pre approval for conventional were the brand new cards we had.

 

That's one of the reasons I recommend for people that need a FICO boost that if they add cards they should be secured and reporting as such. Those represent no risk to the underwriter.

[Squeaky]

Yes, thk you, MarvBear.

[MarvBear]

I can't do it on Tapatalk. If one of the other mods or admin will oblige. It will be moved

 

Sent from my SCH-I925 using Tapatalk

[Squeaky]

Thank you everyone for the advice. Cashnocredit and shifter, I have 3 steady incomes coming in, 1, over 14 years, the other, 2 yrs and the other 6 months, I'm hoping this will suffice. After researching until my eyeballs are cross cross and a headache, everything should go well with the purchase, I was able to talk the owners down, 20,000, so I will remain prayerful. If all fails, Supergirl72, I will take your advice. I'll let you guys know the outcome. Again, thank you very much.

Thk you, MarvBear.