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Marcella Sut…, Home Buyer in Columbus, OH

I AM 3YRS OUT OF MY CHAPTER 7. I HAVE PRETTY GOOD CREDIT NOW, AROUND 6.45 OR SO. I WOULD LIKE TO TRY AND BUY

Asked by Marcella Sutherland, Columbus, OH Thu Jul 31, 2008

A HOME AGAIN. BUT MY INCOME IS NOT TO GOOD. I AM GETTING READY TO MARRY AGAIN BUT MY BOYFRIEND JUST GOT OUT OF A MARRIAGE AND HAS LOTS OF CREDIT CARDS HE WAS STUCK WITH. HE IS GETTING READY TO FIILE A CHAPTER 7. AFTER HE DOSE THIS IS THERE ANYWAY I COULD USE HIS INCOME WITH MY CREDIT TO PURCHASE A HOME? AND IS THERE ANYWAY TO FIND A LOAN THAT DOES NOT REQUIRE 20% DOWN?

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I can help. Email me, an dlet's discuss!

martytheloanofficer@gmx.us

Marty

I am online now
0 votes Thank Flag Link Fri Aug 1, 2008
Marcella - you can only use your b-friends income if he's put on the loan, no getting around that rule. If it's been at least 2 yrs since your BK 7 discharged, then you're eligible for an FHA loan, but you'll need another yr for getting a conventional loan. Regarding your score, you'll get a better interest rate by almost 1/2% if your score goes over 680. If you're going with an FHA loan AND you're married, you won't qualify for this loan since FHA automatically factors in the credit history of a spouse.

My best advice would be to see if you're soon to be husband can negotiate his credit card balances (which will temporarily hurt his credit), then both of you save up more money for down payment and closing costs.
Under your current circumstances you don't have any good options...

Let me know if you'd like any follow up advice...Jeff M
0 votes Thank Flag Link Thu Jul 31, 2008
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