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Marianne, Home Buyer in Los Angeles, CA

Hi. I'm an unemployed journalist. Right now I earn $48K -- but only in alimony and my ex-husband's pension. My alimony of $3300/month is

Asked by Marianne, Los Angeles, CA Wed Nov 4, 2009

going to last another 5 years. With a credit score of 703, but a bankruptcy five years ago, am I likely to get approved for a mortgage? How bout a FHA loan? I can muster up enough for 3-5% on a $300K mortgage. Would having my parents co-sign be necessary? Thanks so much! marianne

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Andrew Kashella’s answer
Marianne, FHA needs at least 2 years since BK discharge if it was a 7 and 2 yrs since filing if a Chapter 13 provided the 13 is discharged. So you are clear on the BK.

703 is a good enough score

As far as is the income enough, I would need to see what other bills you have and what the property taxes and insurance would be but I am guessing it will be close.

FHA does allow Non occupying co signers so your parents could sign as well and that could help.

Because your situation has a bit of complexity to it, I would say that your best bet is to let someone take a complete application and see exactly what your income is and get you pre approved.

I would be glad to help but I also want you to know that you can do this with any FHA approved lender.

I am an FHA approved lender and I do not charge any fees for pulling credit and taking the application for pre approval.

Bottom line is that your scenario sounds doable.

Andrew Kashella
The Lending Team - Clearwater FL
0 votes Thank Flag Link Thu Nov 5, 2009
Probably not. I am a little confused as to why you would be recieving your ex's pension as well as alimony, but lets say you are. When you add in the required up-front mortgage insurance on a 300,000 purchase price, your gross loan amount will be around $294,566 considering 3.5% down. This will result in a principal and interest payment of about $1,575. this is already pushing 48% debt to income which is beyond standard FHA parameters and does not include: taxes, homeowners/flood/wind insurances, monthly mortgage insurance, or any of the libilities which will show up on your credit report.

If your parents have sufficient income, you can use them as non-occupying co-borrowers, but you need to be realistic as to how you are going to make the payments.
0 votes Thank Flag Link Thu Nov 5, 2009
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