@bandlp08 wrote:Hello!!!
I have read alot of stuff on here and some I understand some not so much. I figured it would be easier to just ask for help so here it goes. My husband and I signed a lease on a doublewide on 3 acres of land last December. He owns his own trucking company and it is just him. I am in school. On taxes last year after all the trucking stuff it showed he brought home $27,000 I believe. We filed bankruptcy in july 2009 and discharged in Nov 2009. So this lease is option to buy after the first year and can only lease for 2 years without buying. We pay 950 a month and $250 of that goes toward down payment for the first year and nothing the second year. So we are coming up to the end of the first year and we are wanting to purchase. We dont know where to start. We have established credit and his scores are in the 620 area. Mine is about the same. I will not be on a home loan as I have debt credit card and school loan with no income so I would just hold him down. His credit cards are close to limits and will be all paid off next week and he has a verizon bill floating around that should had been in bankruptcy but got overlooked that also will be paid next week. Paying all the 7 credit cards off but one and it will be at 25% and continue to pay payments should boost his credit right? What should the next steps be? house is being sold for 89,000 with the land. What kind of loan should we go with? Is his income okay to buy a house?
If you can pay off all credit cards except 1, and have 4% utilitzation you will see the biggest increase in score and it will help interest rate.
Starting Score: 565