Home Buying in 63129>Question Details

Marco.aguile…, Home Buyer in Saint Louis, MO

I am trying to apply for a loan, my wife has a short sale on her credit can I include her on the new loan?

Asked by Marco.aguilera, Saint Louis, MO Mon Apr 22, 2013

Short sale on wifes credit, i was never on the loan. I can do a fha loan but my income is not high enough to qualify for a higher loan amount, i would like to add her to new loan with her income to qualify for higher amount. Is that possible?

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Answers

6
Depends on the lender and why your wife qualified for a short sale. Your lender should be able to tell you this quickly. It will depend on her payments, how long ago and credit score. Have you found a house you like? Did your lender offer to run it both ways?


My office is in your area 63129. I am a realtor but there is a lender who has an desk in our building if you need one. Also have at least two others that I work with. Are you looking for a home yet?

Feel free to contact me.

Tammy Wilbanks
Coldwell Banker Premier Group
4044 Butler Hill Rd
St. Louis, MO 63129
314-651-2132 cell
314-963-9494 Office
0 votes Thank Flag Link Tue Apr 23, 2013
A lot depends on if your wife was current and paid her previous mortgage on time prior to the short sale. Getting a mortgage quickly can also be affected if your wife moved to a different geographic location for employment. I closed one last year where the girlfriend on the mortgage had a short sale a year earlier, but paid on time up until the closing and moved out of state. Her credit scores were over 700 in spite of the short sale. Find a good mortgage broker who knows the rules on these things, not all do.

Good luck!

Don Mituzas
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate
New York's #1 Real Estate Broker
http://www.donmituzas.com
0 votes Thank Flag Link Tue Apr 23, 2013
Your best bet is to talk to your lender. Some lenders have stricter guidelines while some can do portfolio loans. If your lender says no, at least try another lender. A lot depends upon how long ago the short sale occurred and current credit scores.
0 votes Thank Flag Link Tue Apr 23, 2013
Marco,

Typically the waiting period after a short sale is 3 years to be qualified for a mortgage. We offer credit restoration.

Best of Luck;

Christina Solorzano,
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
http://www.everlastingcredit.com
0 votes Thank Flag Link Tue Apr 23, 2013
I concur with Bob Waters, your best bet is a lender. If you would like for me to refer one, drop me a note and I'll share my lenders with you. vernae@gmail.com
0 votes Thank Flag Link Tue Apr 23, 2013
Depending on the circumstances of the short sale you may be able to include her. This is a question that is best addressed by a lender. You should be talking to a loan officer for your loan as a part of your home buying process. Don't be afraid to ask the question of him/her. If the answer is no, they should be able to give you a plan that will help you stay on track until her situation no longer affects you. Good Luck!!
0 votes Thank Flag Link Tue Apr 23, 2013
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