Home Buying in 30047>Question Details

Me, Renter in Lawrenceville, GA

my fiancé wants to purchase the house we are currently renting.

Asked by Me, Lawrenceville, GA Wed Jul 17, 2013

I make more money but I have a bk 7 that won't hit 2yrs till 09/2014 and a foreclosure that won't hit three yrs till 12/2015. My question is with all that on my credit can he not put me on the mortgage being his credit is also taken into account?

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Answers

6
Hello,

Your best and maybe only option would be to only put your husband on the mortgage, at least for next few years.

I would be happy to take a look at your situation.

Feel free to give me a call.

George Cohen
Mortgage Banker
678.442.3401 Office
678.985.5923 Fax

gcohen@brandmortgage.com
apply online: gcohen.brandmortgage.com
NMLS# 75615 | 1078450
0 votes Thank Flag Link Wed Jul 17, 2013
Read all the answers given thus far, the truth is (while it is highly improbable based off of what you have described that you could be placed on the mortgage also) it varies. It depends on the state, who the mortgage company is. I would contact the specific mortgage company he is with to get a verified answer. Hope this helps and best of luck.
0 votes Thank Flag Link Wed Jul 17, 2013
All borrowers on a mortgage loan must meet the minimum guidelines. FHA mortgages are the least restrictive for a previous bankruptcy. HUD requires that a minimum of 24 months must have elapsed from the DISCHARGE date of a Chapter 7 Bankruptcy before a borrower can be eligible for an FHA mortgage.

In the time since the Bankruptcy, there should be no new derogatory items such as late payments, collection accounts, liens, judgments, etc. Having late payments after a Bankruptcy is often viewed as a disregard for the importance of credit. It also reflects that you are still having financial struggles.

If a mortgage was included in the Bankruptcy, HUD requires that you must wait at least 36 months from the foreclosure date to be eligible for an FHA mortgage. Sometimes, the foreclosure happens well after the Discharge Date of the Bankruptcy. If the mortgage was not re-affirmed, there is not much that can be done until the property get foreclosed on.

Also, if the original mortgage was a government backed loan (i.e. FHA, VA, USDA), you must wait at least 36 months from the date that HUD paid the claim on the defaulted mortgage. This can sometimes be months after the original Foreclosure Date Until the 36 months on the claim has passed, you will not have a clean CAVIRS report which is required for an FHA mortgage.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Wed Jul 17, 2013
There might be a loan officer that could get you on, however it is unlikely. Secondly, if you where placed on that note chances are it would make your interest rate be much much higher potentially costing you 10's of thousands extra if not more over the life of the loan.
0 votes Thank Flag Link Wed Jul 17, 2013
You can't be on the loan with her due to the issues you described.
0 votes Thank Flag Link Wed Jul 17, 2013
You can't go on the loan at all, and they can't use your income towards qualifying.

Lenders always use the WORSE of two credit profiles when assessing your mortgage application.
0 votes Thank Flag Link Wed Jul 17, 2013
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