dealing with debt and a financially irresponsible spouse

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dealing with debt and a financially irresponsible spouse

I am married to a man that isn't exactly financially responsible. When he finds something that he wants, he will do whatever is necessary to buy it. This has caused us a lot of debt over the years. What can you do when you are married to someone that doesn't take being in debt seriously? How do you approach him or her about their spending habits? I have worked with a financial professional to learn how to manage my money, how to discuss our money problems with my husband and to learn how to reduce my debt as quickly as possible. Find all this information and more here on my blog.


Mortgage Options For Low-Income Homebuyers

If you have a modest income that does not provide you with the opportunity to save much money each pay period, purchasing a home may seem out of your reach. Fortunately, there are some mortgage programs that are geared toward low-income applicants.

Review some government programs that work with local lenders below.

USDA Mortgages

The USDA (United States Department of Agriculture) offers a loan program to those who are seeking home ownership in a rural area. The USDA backs mortgages that are offered through various lenders.

The government backing allows a lender to offer financing to an applicant who is approved for a loan. The financing will omit the need for an applicant to put a down payment on a home. The application process for this type of loan will include a credit check and a debt-to-income (DTI) ratio analysis.

Being approved for a USDA mortgage will allow you to swiftly transition from renting to owning a home. Because you will not have to save money for a down payment, you can use any funds you have on hand for moving costs, furnishings, and other essentials that you need when you move into your new home.

VA Mortgages

VA (The Department of Veterans Affairs) offers a loan program that is similar to the USDA loan program. A qualified home buyer will receive a mortgage that is fully financed. They will not need to make a down payment on a home.

You must be an active member of the military or a retired member of the military in order to be eligible to apply for this type of loan program. A VA loan program backs loans that are offered through a variety of lenders.

FHA Mortgages

FHA (Federal Housing Administration) loan programs support low-income homebuyers, including applicants who are currently enrolled in college. These types of loans cater to people with low credit scores. An applicant may need to make a down payment on a home. The applicant may also be responsible for closing costs. The down payment and closing costs will be relatively low.

Loan Costs And The Pre Approval Process

A loan calculator can guide you in choosing which type of low-cost mortgage will be the most affordable for you. Once you are pre-approved for a loan, begin shopping around for a home that you like. A real estate agent can match you with a series of homes that you will be qualified to purchase.

Reach out to a lender to learn more about mortgage services.