Profile picture for Barbara Potvin

Barbara Potvin

Agent

10 Recent Sales (last 12 months)

Realtor (5 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Relocation,
Short-Sale

Advice

  • (2 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

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I filed and obtained a chapter 7 bankcrupty in 2008, can i qualify to buy a home?

Answer

A mortgage broker is the way to go, since they work with several different lenders and have portfolios that other lenders don't have. But general rule of thumb is that you can qualify, as others have mentioned, 2 years and one day after the discharge of your bankruptcy. It all depends on your current credit report, if your score is above the minimum amount required by various programs(FHA is often the lowest and most affordable), if you have new credit and are paying on time, the debt to income ratio and all the other normal requirements. But definately ask for a recommendation from your realtor for a well qualified mortgage broker that will work with you and help you through this process.

  (0)
My husband purchased a house in Sept2009.My name is not on the deed or mortgage. Can I buy a home?

Answer

In today's market many people are either upside down or won't be able to sell their home for what they owe on it. Sometimes they just choose to hold on to their current home till the market for selling it improves in their local area. I have assisted several people in renting thier homes and buying another home. In your case, I would strongly advise you to work with your lender and if you don't have a specific lender ask your realtor whom they would recommend. They will preapprove you and tell you what price home you would qualify for. Just because the homes solely in your husband's name doesn't mean he couldn't be on the next home. What matters is do you alone or do you together qualify for another house? Generally unless you've been renting your house for a year you can't call that money income(but ask your lender about that because there are other exceptions).  The best way to move forward is find a lender that's willing to work with you and go a step above others to find a way to get you (and maybe your husband) to qualify for another home. It's not impossible to do.Make sure to tell your lender if you had an FHA loan too. That will be important information as to whether you qualify for another FHA loan or have to do a conventional loan.The more information you share the better and quicker things get done.Best wishes,

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