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does my husbands bankruptcy from years back effect my approval of a house loan

Does my husbands bankruptcy from years back effect our approval or ability to get a house loan? we have been living and paying rent in the same home for several years.
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August 16 2009 - Muskogee
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Answers (5)

Rob, surfing the Oklahoma threads and trying to answer questions.  I have a little insomnia tonight.  Better late than never as stated in my comment.
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October 28 2009
2.5 months later... can't we find some posts written by dinosaurs to answer?
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October 28 2009
Brandi,

Sorry this is a little late and I am sure by now you have probably spoken with a loan officer (good move).  From how your sentence is worded I am assuming the BK was more than 5 years ago.  As long as your husband has reestablished good credit (zero negatives) since the BK and both of your credit scores meet the minimum requirement, you guys should be fine.  Hope this helps!
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October 28 2009
Doesn't sound like you filed the BK jointly.

You should try to see if you qualify by yourself. 

AND if you cannot then he still may qualify for a home loan if he hasn't had any lates, collections, etc. since the BK. 

Underwriters will look to see if he has established credit since the BK.

For a high LTV loan think FHA, since a conventional loan requires more time since the BK.

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August 17 2009
Brandi - This is a question for a loan officer.  But basically, it depends on how long ago the bankruptcy was and how his credit has been since then.  Has he established a good payment record over the last 3 years?  Does he have 3 credit lines (like 2 credit cards and a car payment) to show a good track record?

Get yourself prequalified with a loan officer to see where you stand.  It may not prevent you from purchasing, taking advantage of the great prices in property and historically low interest rates.

Good luck.
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August 16 2009
 
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