Is it possible?

Nicole1020 · Joined: 19 Sep 2007 Posts: 2 Location: Ohio

I am not fully educated on the lingo, so I will try my best.

My boyfriend and I need to purchase a home ASAP. The home that we currently own is seriously old and does not have a bathroom. It was never meant to be a permanent solution.

Anyhow,
Combined income of $48,000
Purchase price of the home is $37,000 - $60,000
His score is approx 580 and he has 1 year job time. He has a nice credit history.
My score is 614 and have 5 years job time. I have no credit history except for the current loan for my car which is 2 years old and is current.

Here is the kicker, we both have a default judgement of $2100.00 on our credit that is 71/2 years old.

Is it at all possible to obtain a loan?
This is really starting to effect my health and well being. Try living w/o a bathroom for 5 years.

Thank you in advance,

jrhartman · Joined: 01 Apr 2007 Posts: 107 Location: Michigan

The judgement will have to be paid first, but that aside I could probably do the loan depending on what the rest of the credit profile looks like. I am not trying to solicit your loan, but just letting you know that you have a fighting chance.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Depends on the details of the judgement, but most likely as he says it would have to be paid.

I do question how he's got "good credit" with a 580 score however. 580 is a bit far from "good" and usually means there is some recent derog history. I'd be more concerned about that side of things than the judgement...

Nicole1020 · Joined: 19 Sep 2007 Posts: 2 Location: Ohio

My boyfriend has a good credit [b]history[/b] meaning he has always paid on time. To clarify, his score was lowered when he recently bought a motorcycle. They gave him up to $15,000.00 for the purchase and we only used $8000.00 but it shows as a revolving account.

We refuse to pay this judgement as the guy who placed it upon us was a real shister and he had a $4000.00 down payment that he kept, he made a lot of promises that he did not keep. The judgement is for $2,100.00 only and I would rather stay in my awful house until it falls off my credit rather that give that A-hole a dime.

There are some subprime lenders in our area, maybe I'll give one of them a try.

Thanks for the advice. Consider the question closed.