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Answers (7)
- Clay Branch, "Georgia Loans"
- Contributions:7836
That will depend on her other debts. If she had no other monthly debts like credit card(s) , car payment, etc, then based on her score she could possibly go up to aprx $200K.
- Indiananorm
- Contributions:4
How much house would we be able to afford with just my wifes income. She makes about $35000 a year??
- Jayne Combs, "lenderjayne"
- Contributions:41
FHA Bky RuleActually, FHA will consider doing a new loan if a bankruptcy is under 2 years old but not less then 12 months. There has to be extenuating circumstances. Job loss is definitely one but FHA does not consider divorce one. Here is the link for the FHA Bky Rule You would need to have a very strong case on how you have overcome this obstacle and how you are taking efforts to protect yourself in the future. For example, your new job, savings in the bank to cover a few months expenses, and either lowering or staying about the same as you are paying in rent right now. It's no guarantee, but FHA does allow it. :)
- The 2 Mortgage Guys
- Contributions:4
i agree with Phil, see if your wife can get approved and qualified for the price range you're looking at, if not i would suggest waiting until it is discharged 2 years.
- Bill Phillips, "Trusted Loan Advisor"
- Contributions:5
Home financing through FHA requires a miniumum of two years from discharge and Fannie/Freddie are 4 years. That being said, you can get financing with just your wife on the loan if that qualifies you for enough purchasing power. Other than that you should look to your local Realtor community for someone who specializes in "seller financing" or "lease/purchase". If you happen to have 30% to 40% to put down, you may also qulify for a "hard money" loan throgh private/non-conventional entities
- wetdawgs
- Contributions:26833
Only if you can find a hard money lender and the interest rates will be very very high.
Please don't contact any lender who puts contact info in their post (in violation of Zillow policy)
Please don't contact any lender who puts contact info in their post (in violation of Zillow policy)
- Anna Stout, "Anna Stout"
- Contributions:71
[Deleted for self promotion]
Need help getting a Mortgage
Looking for mortgage 1 year out of Chapter 7. my new wife has good credit score 750 plus and mine is a 650. have been able to get car loans etc. Any way i can get a mortgage??? Had job loss and divorce as the cause of bankruptcy.
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