Given that you and your husband have sizable credit card debt and a small amount saved, I think it does not make sense to even consider buying a house. Unless, and this is far-fetched, you can free up a significant amount of money each month by owning a home – i.e., your eventual mortgage payment is much cheaper than your rent.

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If your credit limit is high enough, then you could probably buy a home with plastic. But you’d pretty much be throwing money away. Buying a house with a credit card sounds impossible, right?

For example, credit incurred in the purchase of a home, which is an asset that usually can. On the other hand, interest incurred on a loan to buy a car or run up credit card debt is generally not.

About 43% of cardholders carry a balance on their cards month-to-month. With an average APR of 17.61% interest, many.

– – Consolidating with a loan or credit card. With the first two options most people use for consolidating debt – credit card balance transfers and personal consolidation loans – there is no direct reason why either would make it difficult to buy a home.

The debt buying industry has exploded as revolving debt (primarily credit card debt) and personal debt like student loans have increased. The Debt Buying Process When the decision has been made to sell off debt, creditors create portfolios, which they then market to potential buyers.

how to buy a foreclosure home How to buy a foreclosed home. You can purchase the property from the bank through a real estate agent once the property has been listed. After the property has been listed with a real estate agent, marketed for a set period of time and has not sold, the bank will often transition the property to an auction company.

To do that, you can use a free tool like’s Credit Report Card, which updates your credit scores and an overview of your credit report every month. More on Mortgages and Home Buying:

Indicate you want to include debt in your new home loan at the time of application. When you fill out the form, note the amount you wish to borrow. Include the purchase price minus the down payment and the total amount of other debt you wish to include. Select a term and write down the information on the property you wish to purchase.

Buying a home with credit card debt can affect your mortgage application. Find out here how much credit card debt is okay when buying a home.