In Ohio if you buy and not divorced yet without taking precations it is still a dower sttee and it is assumed that your current spouse would be a coowner of the property for division purposes in domestic relations court. Not legal advice check with your attorney.... more
Hi Dawn, there are several factors that go into purchasing a home after bankruptcy. The first is the length of time since the bankruptcy occurred. The typical "loan officer" answer is that it will be approximately 3 years before they will look at you for a loan. The next factor is whether or not you've been paying your bills on time SINCE the bankruptcy. The third factor will be your work history and the amount of loan you can "afford" based on several formulas. Fifth will be the down payment you are able to provide. My best advice if you are looking to purchase a home in the near future is to get a copy of your credit report and meet with a mortgage lender. We have a lender right in our office at Coldwell Banker West Shell and I'm sure other Realtors do as well. By looking a lender with a broker's office, you can get their information as well as a general outlook on the market to see what you might be able to afford. Good luck with your search.... more
Alot of things go into getting a loan especially in this market. The take things into account such as your assets or how much money you have in the bank. They look at your credit score but with FHA its not your determining factor on getting a loan. I work and sell homes in your area, if you would like me to have a local representative contact you regarding more information just let me know! I work with some really great mortgage reps and even if you cant buy now they can help you buy in the future!
Just send me over a note.
Stephen there are a couple of ways to go about getting a loan. USDA may work for you but they are starting to run low on funs. Most of Franlin is not in a USDA area but Germantown may work. Depending on your debt to income ratio and if you have been late on your loans FHA is another choice and they do not have area restrictions.... more