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getting a first time buyer home loan after bankruptcy

i havent seen this question answered yet, my bankruptcy was completed 5-20-13, i was married 5-25-13 and my wife has never had a bk, we make 75k between the both of us and have been paying rent never late for 2 years, leased a car over 1 year ago never missed a payment, and i started making payments 3 months ago on  a used car and havent missed a payment, our debt is 400 per month. we are tired of paying someone elses mortgage and want to get a 30 year fixed loan for around 210k. how hard will it be to get a loan now?
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December 31 2013 - Vacaville
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Profile picture for omarkhamisa0
Hi Soberirsihman78

it would be hard to get a loan now but if you wait 24 month you should be able to qualify under fha loan . please see income qualification calculator [Hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for information.]
good luck 

Omar Khamisa
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December 31 2013
Well if you need to include yourself into the mortgage application you will have to go through the waiting period which can usually be around 2 years. If you wife can apply for the mortgage on her own, then that should be the route to take. This means that only her finances will be looked at. So her credit, income, debt, will all be looked at and the amount you qualify for will be based on her finances alone. Either way, the best thing for you to do is to speak with a lender directly to see if you can get started on financing with your situation. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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December 31 2013
It may be possible to exclude you from the loan application and use your wife only.  If not, you can consider using your wife with a cosignor.  Does she have a family member that would be wiling to cosign?
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December 31 2013
People who have filed a Ch 7 BK will need to wait at least 2 yrs after the discharge date. If it is a Ch 13 BK you can apply for a loan the day after it is discharged.  The trick to qualifying for a home loan after a BK is to rebuild your credit.  Underwriters really want to see customers who have improved their credit issues and do not want to lend to customers who they feel are in a pattern of filing BK.
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December 31 2013
If your BK was discharged 5 days before you were married, your wife would need to qualify for a home loan by herself.  Your income and your debt would not be included in the loan.  Depending on what type of BK you had, waiting periods vary so that you can buy again.
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December 31 2013
 
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