Hi there. Im a stay at home mom/student (correspondence school) with a credit score of 623. I have an average monthly income (although not technically considered income) of $1300 through child support and Child tax benefits. Im not sure what a 'good credit score' would be, but have fought real hard the past year to get mine up from 554 by paying off department store credit card (under $500 left owing, and I have enough in savings to pay that off right now, but that would lower my downpayment), and paying off a collection agency that came after me when my ex defaulted. I want to buy a home ($5000 downpayment possible). My boyfriend makes over $40K a year, but his credit score is hopelessly low (guarunteed much lower than 550), and he cant be bothered to try and repay anything to fix it. Is there anything I myself can do, so as not having to rely on this hopeless individual, but give myself and my kids a chance at owning a home? Thank you.
Forgot to mention, were in Ontario, Canada

one thing you can do is not marry him, you dont want to take on his credit score. escpecially if he doesnt even want to be "bothered" to fix it. there are a couple realtors here from ontario, i am sure they will be responding to you shortly

Thanks for the advice lol, no Im more or less looking to do things without him. He is not the 'family type' he pretended to be, and I will never marry him for that reason. Hes in alot of debt, and I found the hard way with my ex, that it would soon become my problem.

Mickie1975

Everyone has gone through tough times and had credit trouble at one time or another, there’s no shame in that. It’s about how you deal with it that’s important.

It sounds like you’re on the right track but it’s going to be uphill for a while.

The first step is to see where you stand with your credit and income – and what steps you need to take to move forward.

I would strongly suggest you have a frank conversation with the “mortgage specialist” at your bank. Make sure you ask for the “mortgage specialist” this is a person whose only job is helping people buy homes. They work out of the banks, but get paid on a commission basis so they are motivated to get things done and are in it for the long haul. The service they provide to you is free with no obligation. But you will be looking for a high ratio mortgage and CMHC will be involved so you’re best to get this under control first.

If needed this person can help you develop a plan for your future. It’s very important.

If you do have a credit problem, it won’t just go away, you have to be proactive and take the steps to deal with it and re-establish a good credit history – the sooner you start the better.

You need to focus on small steps – be positive and don’t lose sight of the goal.

Canadave said it beautifully. It is frustrating, and takes time to repair credit - but it is very doable.

A mortgage specialist/broker is your best bet for financing a home. I suggest talking with one and seeing what the outcome is. Like I have said to all my first time buyers, "It's not like buying a new pair of shoes - so take your time and make sure you're ready."

Good luck to you!

In my opinion, you would be better served with a mortgage banker. They fund loans in house, so you have a better chance of getting a good loan. A broker has to shop around and see who will accept you.

score of 700 is good

Just for clarification, credit scores are individual and one person cannot take on another person's credit score. If 2 people (married or not) take on a debt obligation together, then any issues with that obligation are reported on both credit reports. If 1 person (married or not) takes on a debt obligation, then the issues with that obligation are only reported on that person's credit report.

We had spoken with an agent a few months ago about renting, and he had mentioned that if my score was above 600, he could 'alter' things like the fact Im not working and my boyfriend is, to help us buy a home instead of renting. Has anyone ever heard of this being done, and how safe would it be? I really need to move (living with dad in a 4 bdrm home, with 4 adults, and 4 children), but I dont want to get into any legal trouble. Any thoughts?

Mickie !!!!!

In any country – by any name – IT’S FRAUD – A CRIME

The agent who counselled you to commit a crime should be reported and jailed – (or burned at the stake).

Run – don’t walk to the closest major bank- You don’t need to be a customer. – (Scotia bank has been good lately)
Have a conversation with the “Mortgage Specialist” they’ll give you some direction.

I hosted a First Time Buyers Workshop this week and we had several single moms – they didn’t leave with a home, but at the end of the night they all had a path to follow – and that can be very uplifting.

You can too. ............ Dave

Mickie1976,

RUNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!!!! FASTTTTTTTTTTTTTTTTTTTTT!!!! AND DON'T LOOK BACKKKKKKKKKKKKKKKKKK!!!!

I have found that when you deal under cover or fraudently, it will return and bit you in your butt, harder.

Paying down your debt and doing it right is very responsible. With a score of 623, you are still in the subprime loan category; this means you don't have much room for bargain rates. But if you could put some money away (let's say about 6 months of mortgage payments), you should have an easier time in qualifying for a loan.

Yikes, licensees are prohibited from doing anything illegal/fraudulent or altering of facts.

Every month, I see licenses revoked or suspended because of unethical or fraudulent activities.

Look into local grants/gifting agencies that can help with downpayment. Seek the assistance of a local mortgage broker.

Mickie call a loan officer at Royal Bank of Canada.

I am confident you will be treated right and they have many more options to help you than most banking companies.

I have read consistent positive feedback from Canadians regarding my company and it was the most respected organization in Canada for 3 years straight.

You should be able to obtain 100% financing with your score.

In your case ,for mortgage purposes, the payments shown on your credit report, your mortgage payment, your property taxes (not so sure you have that up there) and your homeowner's insurance are the only thing considered in calculating how much of a payment the lender will do.

You will be limited on the amount of your payment though.

Great job on improving your score!

Also Royal Bank can broker and it is much better rates because of their high volume. We are set up with over 150 lenders and fee's are very low.

Anything you need feel free to email or call.