My boyfriend and I are currently renting an apartment, which has had a leaky roof since December. We let things go for a while, but after our second matress was destroyed when it started to leak again, we flipped. The apartment managers proceeded to inform us that we'd had complaints of teenagers running in an out all day (we both work 8-6, so this was impossible). Accused of destroying the lock on the front door (which we have a key for.. our car has already been broken into, why would we make it easier for someone to get into our apartment?), and told that when management had been in our apartment to inspect the broken light from the leak (after a month) our apartment was not up to cleanliness standards because there was clothing in the living room and a matress on the living room floor (clothing, because I'd had to get it out of my soaked bedroom, and we'd been sleeping on the floor for the same reason). So now, we've received a notice of eviction.

I tend to ramble, but my point being: I have bad credit. It's about a 481, mainly because of my stepfather when I was young (which I won't report because I refuse to get my mom in trouble), and a two credit cards (both with a balance now of about $500) that I was irresponsible with at 18. My boyfriend has a car payment that has never been late, but it's only about a year old. His credit is 587 according to one credit place, and 541 according to another. Combined, we make about $42,000 a year. We can scrape probably $2500 for a down payment if we absolutely need it.

Anyone know our odds of getting a house? And maybe where to start? We are trying to get pre-qualified, our bank said no, another guy recommended by my moms real estate agent friend is working on it also. We have a dog, it's hard to find apartments that allow them around here, we were lucky to find this one (up until December anyway). And we'd rather not rent again anyway.

You don't even had good odds for finding a good place to rent. Most better rental places would not even rent to you.

Sorry but with the 10000's of foreclosures if you don't have good credit, you are not getting a house loan.

You may find some very over priced home that is not that good some owner will do on a contract for deed, but even them normally want more of a down payment

Well, my mom just got a house with her husband, and her house had been foreclosed, so I know I have some hope. And my credit was much worse when I rented this place.

Thanks though!

Well, my mom just got a house with her husband, and her house had been foreclosed, so I know I have some hope. And my credit was much worse when I rented this place.

Thanks though!!

Renting and buying are two totally different games. Many landlords work for themselves and are willing to take the chance on nice people. A bank doesn't care how nice you are.

$2500 down payment isn't even enough to cover the minimun 3% for a FHA loan. Im sorry - but it does not appear to me like home ownership is in your immediate future.

Ok, I think there is hope for you. First thing you need to do is take $1000 dollars of that $2500 to pay off those credit cards. That will get your credit going up. I would start looking for a house right now. It could be a couple of months process. I am 19 an I just bought a house and it only took 3 weeks or so. You just never know. You need to talk to a mortgage broker, not a bank. If they say you can, then they will make it happen. Right now there is an $8000 dollar tax credit that you don't have to pay back for first time home buyers. You know how much I had to have when I purchased my house? $245 dollars to get it. Right now interest rates are down. My payments are $700 dollars a month because I escrow my taxes and home insurance. I recommend doing so. Whatever you do if you do get a house, GET A FIXED RATE. If not, you will probably be out on your butt faster that you know. In most cases The person you are purchasing the house from will pay closing cost, which is about $3000 dollars or 3%. Just enough to cover closing cost. It will be added to your loan and you will pay it back though. In your loan they will make sure that Some type of Place that I can't think of gets their money to which is about $2200. You will probably need $500 for earnest money which shows the owner that you are interested in buying the house. If you back out, you don't get the money back. If they back out, then you do, or if you purchase the house, you get it back out of your closing costs. If you are lucky like me, I didn't have to have any earnest money. In most cases, you do not have to have a down payment. I did not, but you might not get a lucky. You could get some bad interest rates with his credit score. They usually have a credit score, a B credit score, and a C credit score. Hw probably has a C which will have the worst rates right now. Just work on paying off those credit cards because it will help tremendously. Good Luck, and keep me updated.