View Full Version : Building a house
Girlfriend of c6/c7
06-17-2010, 08:25 AM
Hi, I'm kinda new to this forum and this is my first time posting so bare with me. My boyfriend is c6/c7 quad. and we have been throwing around the idea of building a house in the near future, but there's a problem with that. His doctor bills from his injury have pretty much slaughtered his credit score. I was just wondering if there was any grants that anyone knew about that could help us out with costs, since the bank will not loan us enough to build a house.
any suggestions will be helpful.
06-17-2010, 11:32 AM
I'm not aware of grant money that'll help build, especially if there's no other money going toward the build (e.g. a loan).
Bills don't slaughter credit. Not paying them will. :) He can close every credit-based account & drop his credit score to 0 and pursue a mortgage at that point, but it'll be tough (though not impossible). Is he working? Any income stream? Any rent/lease history? Do you guys have enough cash to put 20% down?
You're not married, so can you use your credit & keep his name off the mortgage?
I hate to bring this up, but what if your relationship doesn't last? Then what?
Buying is a big deal. Building is even bigger. Think through everything carefully.
06-17-2010, 12:04 PM
If he qualifies for the Habitat for Humanity program, and there is one in your area undergoing construction, they will make the home accessible (they are NOT visitable or accessible automaticallY). A long shot. The reason we have the current mortgage foreclosure crisis is due to people getting mortgages who really did not have the appropriate credit history or ability to handle the payments.
How about financing the mortgage using your credit score, and buying the home only in your name??
06-17-2010, 12:21 PM
If the bank will not give you a mortgage that is probably, sad to say, a pretty good indicator that you might get into financial trouble if you had one. I agree with what everyone else wrote. If you can buy the house in your name alone that is one way to go. If you do not have an income or credit history to make that possible then you need to postpone this until things are financially more solvent and rent.
06-17-2010, 08:33 PM
We have a community development/housing authority in our city that can provide some supports for low income home ownership. Take a look and if you think something like this would be helpful, you can look for a similar organization in your community/area.