How does a single mom purchase a home with bad credit?
Asked Jun 8, 2009, 12:11 PM
I am a single mother. I have bad credit and have been busting my butt to pay off my debt and improve my credit score. I had a bad debt foreclosure that was from when I got divorced; my ex fought and won the time share property. An entire paragraph in my divorce decree is dedicated to the time share property. It is now showing up on my credit as a foreclosure. I got a judgement of medical bills against me for a bunch of bills that my insurance didn't pay. When I found out about them, I paid them. I also have a Capital One prepaid credit card which was a stolen identity and I got a copy of the police report and submitted it to underwriting (it was very likely that my ex took out the credit car in my name after I left him and went to the domestic violence shelter). I have completely changed my life since my divorce. I only have my car payment ($8000 left) and my student loans to pay. I am now for the first time since 2004 getting child support. I have tried so hard to make all of this happen and I can't qualify to purchase a home. I have never owned a home. I want to own the home myself. I don't want anyone to cosign for me. I don't anyone to be able to take this away from us. I lost EVERYTHING in my divorce and I just want us to have a stable home. I don't make a lot of money but I am NOT AFRAID to work. I work full-time during the day at Nestle Purina PetCare, then I cut hair at night, I work at a furniture restoration company and now I am the property manager to the house I was renting and fixed up for my friends. I rented their home for them and they are making a MUCH bigger profit. I was turned down by Wells Fargo. Now the lady at CNB is telling me that I should let my boyfriend buy my home for me and then when my credit clears up he can quitclaim the property to me once my credit clears up. I don't understand. I don't understand any of this. I work and I work so hard. What am I doing wrong and most of all what horrible example am I setting for my daughters. How come he gets the credit but I am doing all the work and putting up all the money? I have the $500 earnest money. I am a veteran and have never used my VA Benefits. I was trying to purchase with a VA loan. My banker and mortgage guy strung me along for a month before letting me know that they were not going to do this loan. I made an offer on a house and was supposed to close on June 26, 2009. The house is just big enough for me and my daughter. The garage has a loft in it so I can continue working my second job doing hair. The house was cheap enough that I could afford to work it just working one job instead of the all jobs I am currently working. What am I doing wrong?