Profile picture for user304969

im 47 recieving social security,i have less than perfect credit.My son has been employed 3yrs,but no

im recieving social security,i have less than perfect credit.i would like to buy with my son.He's been employed 3yrs. but no established credit,could we buy on stated income only?
  • April 04 2012 - North Park
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Answers (2)

Profile picture for user304969
thank you for your honesty,its difficult but wev'e saved sum.I pulled my credit other day. only one really negative,and i refuse to pay it!  i was scammed. Im just trying to rent for now,home life isn't the best.I have been looking for a rental,even got scammed once? hate to pay one of the agencies that take your money and give you a list of houses that don't exsist! I will take your advise about the long term plan! any idea's on how to get at least into a nice rental without paying an arm and a leg???
  • April 06 2012
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Profile picture for wetdawgs
Stated income loans disappeared with the housing crisis. 

This is an excellent time for you and your son to put together a strategy for approaching the situation.   He needs to identify what steps he needs to take to build up some credit.  With a three year work history, he certainly should be able to do so.   Similarly, how is your credit?   Have the two of you saved up a good down payment, closing costs and miscellaneous costs fund?

Be planning on a 10 year plus time frame related to purchase and the two of you should consider carefully both your life plans related to a purchase together.   It is very expensive to sell.

  • April 04 2012
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