Financing house construction, costs, additional costs and renovation

Good morning everyone, I hope I can get complicated answer questions or experiences. We have now viewed a house, it would cost 95,000 euros + additional costs and renovation, we would need about 170,000 euros house financing. Partner earns 1,700 euros net, permanently employed since 2017 as a painter. I earn 1,400 euros on a 30-hour basis in care since November 2017. Additionally, there is 2x child benefit and 1x 220.00 euros maintenance for one child. We would like to apply for house financing through a financial advisor. Now we come to the problem. My partner has a flawless Schufa. Unfortunately, I do not; from youth mistakes, something piled up back then, but everything is paid off down to the last cent. Nevertheless, the score is unfortunately 30%, very bad, I know that. Which possibilities can we still use? As a co-applicant, I will certainly fail right away, won’t I? Then we thought that only one signs the loan, but then my income will not be calculated, right? Then it would be too little income for one, or can this still be included? We have been renting for 3 years and paying 890.00 euros every month on time. From this, we could also service a loan. Maybe someone knows some tips? Or was in such a situation themselves? Best regards

Then we thought that only one person would sign the loan, but then my income is not taken into account, right? That would be too little income for one person, or can it still be included?

Yes, then only his salary counts. Just go to an appointment and get advice.

The score is unfortunately still at 30%, very bad, I know that.

Are there still negative entries or have they all been deleted?

As a co-applicant, I will certainly fail immediately, right?

No, why would you?

Then we thought that only one person would sign the loan, but then my income wouldn’t be calculated, right?

Correct.

Then it would be too little income for one person, or can it still be declared?

Declared yes, but it is not taken into account. But even with €1,700 net, you can manage a €600 installment at the bank (= probably suitable for the loan amount).

Maybe someone knows a few tips?

1. Forget online banks 2. Go to a loan broker 3. Go to your house banks or local savings banks and cooperative banks. Damn, the order of the tips is wrong. Start with number 3. There you face people you can talk to. That helps immensely. In your situation—assuming the youthful mistakes are also marked as settled in Schufa—I see no problem getting financing. Whether it will be full financing, since I read nothing about equity, is a different question. But maybe the "equity" can be obtained through a consumer loan.

Are there still negative entries or have they all been deleted?

No, why would there be?

Exactly.

Yes, you state it, but it is not taken into account. But even with €1,700 net, you can manage a €600 installment with the bank (= probably suitable for the loan amount).

1. Forget online banks
2. Go to a credit broker
3. Go to your house banks or local savings banks and cooperative banks.

Damn, the order of the tips is wrong. Start with number 3. There you have people in front of you with whom you can talk. That helps tremendously. In your situation – provided that the sins of youth are marked as resolved in the Schufa as well – I see no problem getting financing. Whether it will be full financing, since I don’t read about any equity, is a whole other question. But maybe you can get the "equity" through a consumer loan.

Thank you very, very much for this feedback and the little glimmer of hope.
The entries are marked as resolved but are still listed. Online would not have been an option for us, next week we have an appointment with a financial advisor, I hope that something can be arranged, I hope that we are not the only ones in such a case and that something can be done.

I think that will not be feasible. The renovation costs are almost equal to the purchase price, in addition to the Schuf and the man's low income. Good luck, but that won't work.

I think that will not be feasible. The renovation costs are almost equal to the purchase price, plus the SCHUFA and the man's low income. Good luck though, but it won't work

Thank you very much for this feedback. We will now apply for the loan together and our father-in-law will act as guarantor. I think this changes the situation and we will still be lucky.