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Will We Qualify?

My husband and I bought a house in 2007. Our daughter was diagnosed with Autism and I quit my job and stay home to manage things. We were in financial trouble and filed bankruptcy and modified our mortgage. I have worked a few short-term jobs in the last few years but I am returning to work full-time now. He has been with him employer 10 years. We are now divorcing (on good terms). I would like to keep the house and know that because of my job history in the last few years, I will not be able to refinance the mortgage on my own. There's a small amount of equity that would easily be mostly eaten up by Real Estate fees and closing costs if we sold. Today we have decent credit (around 700 credit scores) and our mortgage does not show up on our credit reports because even though we didn't include the mortgage in the bankruptcy, it does give us protection of the liability (from what I was told by my mortgage company when I asked why it's not showing on our credit reports). My husband has agreed to stay on the mortgage with me until I am able to refinance in just my name. He would like to buy a cheap condo for himself. What are options?

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October 29 2013 - Groveland
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Find a good lender from referrals in your area and explain your situation.  They will present you with options.
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October 30 2013
Contact several lenders and explain your situation.  While the underwriting process a can be generally the same for a lot of lenders, they do try to handle each person on a case-by-case basis.  As mentioned before, if your ratios are favorable, and your husband agrees to assist and be a part of the "back-stop," there is hope and it's worth the effort to discuss with lenders.  Perhaps in the future, if you're able to meet your obligations, you'll be able to refinance and remove your husband from the equation, which could be a preferable situation as you both move forward in your life, albeit in different directions.  Good luck.
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October 30 2013
You need to speak with a lender, if you would like I have a prefered lender on my profile page...check him out hes great!
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October 30 2013
Once you are on a job full time and your ratios are ok, you should be able to qualify on your own as soon as 30 days after employment.
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October 29 2013
Hard to answer this question without some additional information.  A couple of items that are important are your mortgage history, when were you discharged from bankruptcy.  Condo financing can be challenging.  Depending on your down payment, the ownership of the condo, the status of the condo association, is it FHA approved.  A lot of factors to consider.  You may want to look at a town house or a single family if you can not find a condo that allows for maximum financing.  Sounds like you have some options.

Good Luck!
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October 29 2013
 
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