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  #1 (permalink)
: my BF and i wanna buy a house especially because of our son he's 2yrs old and loves the outdoors so together we have a combined income of $64000 average and we live in MA we'll be buying in the brockton area houses are affordable there. I was looking online and came upon a downpayment assistance program for first time home buyers so we'll be looking into that also and we have about $10000 for downpayment so how much of a mortage we would qualify for? right now my credit is about 600 his is i think is about the same. I know we won't qualify now cz it's too low so before we would apply i will get my credit score up by 720 or more so let's say my credit is 720 how much will they lend us.

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  #2 (permalink)
: Google: How much home can I afford calculator
note: they will give you the max amount which is usually a recipe for disaster
Why banks do this? The larger mtg you make - the more profit for them

A good rule of thumb is no more than 3 times your annual salary as a mortgage
In your case: 192K home
From Consumer Reports Money Magazine:
Don't make your mortgage for more than 2 times your salary if you want a good quality of life. Such as saving for retirement, kids college, vacatons, etc.

Get a couple of books: Credit and Debt Repair
These books will make you an expert at dealing with collection items on your credit reports.
Home Buying for Dummies and Mortgages for Dummies
All these books should be available at your library.
Check those credit reports (all 3) once a year at Annual Credit
Never get conned by tv ads into paying for them

One quick way to get the credit score up is to pay credit cards in full each month. Carrying balances on credit cards can only destroy credit
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  #3 (permalink)
: General rule of thumb is 3 times your annual income.

It is a very bad idea to jointly buy a hous with someone you are not legally married to. There are courts to divide marital assets, but nothing for non-marrieds. Should you break up (and even married folks break up), that house will be a nightmare. It would be better if just one of you actually purchased the hosue.
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  #4 (permalink)
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