Financing in Miami>Question Details

Loukas, Home Buyer in Miami, FL

my girfriend and my we wnt to buy a house for the first time i did babkrupsy one year ago but my girfriend her credit is good we make together 120k

Asked by Loukas, Miami, FL Sun Oct 30, 2011

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Steve Vinson’s answer
A Chapter 7 bankruptcy does not disqualify a borrower from obtaining an FHA mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, the borrower must have re-established good credit or chosen not to incur new credit obligations. An elapsed period of less than two years, but not less than 12 months, may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his or her control and has since exhibited a documented ability to manage his or her financial affairs in a responsible manner.

Additionally, the lender must document that the borrower's current situation indicates that the events that led to the bankruptcy are not likely to recur. A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower's payment performance has been satisfactory, In addition, the borrower must receive permission from the court to enter into the mortgage transaction.
2 votes Thank Flag Link Sun Oct 30, 2011
You should sit down with a lender or mortgage broker who can review all of your financial information. The bankruptcy is going to be a problem. But it's possible your girlfriend could qualify alone, if her credit history is good.
0 votes Thank Flag Link Sun Oct 30, 2011
Hi Loukas,

It all depends, If you filed a chapter 7 or 10. in any case one of the major purposes of bankruptcy legislation is to afford the opportunity to a person hopelessly burdened with debt to erase his or her debt and thereby get a fresh financial start. A bankrupt's debt is erased when he or she is discharged. The debtor is discharged 3 - 5 months after bankruptcy is filed. At that time all debts (with some exceptions) are written off.
0 votes Thank Flag Link Sun Oct 30, 2011
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