I'll start with a little background info.. I'm 28 SO is 24, we are looking to apply for a USDA direct loan after being turned down by our home bank in December. At the time, my credit score was 577. I have since been paying down balances on my cards, which were at 77% UTI, but are now slowly coming down. S/O will not be on the loan, his credit is not the best because of lates on student loans. I have raised my credit to a 614 since January 3rd (which I know I need at least 640)What I'm really concerned about is my income. I gross 29k/yr and S/O is newly self employed after pipeline work was shut down. He makes around 1,600/month which I know would put us close to the income cap for KY, but I'm worried that since only my income will count for the approval amount, we won't be approved for much. We have been planning on buying his parents house, that they will soon be moving out of, but I'm a little hesitant as the house is not in the best condition. Central heat/air doesn't work, there are 2 busted/cracked leaky windows, 2 doors on the back patio that have fallen and will not close, the main door is not air tight and leaks air/water and there is water damage/mold to the floor in that area. A lot of the tile through the house is busted and the shower has seal issues which has led to water damage in the bathroom as well. We could buy this house for 66k but it would take a LOT of work. But, if I could get money to help with repairs I might be ok with it. Just worried at this point that 66k might be about all we can get. Any advice is greatly appreciated.
