Financing in Virginia Beach>Question Details

Dolores, Home Buyer in Newport News, VA

Getting Mortgage After Bankruptcy 2 years ago possible?

Asked by Dolores, Newport News, VA Fri Dec 31, 2010

I filed for bankruptcy two years ago before I got married. My husband and I were told by one lender that I would not be able to apply for loan with him. Based on our combined salary of 90,000 we only qualify based on my husbands salary and credit. Is it possible, or are there programs which we can participate to help both him and I qualify for a mortgage together?

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Your best bet is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. No one will be able to do anything but guess without seeing your actual financials. please be careful giving out info over teh internet, work with someone you can meet in person.

Good luck with your loan, please see my blog with tips and advice on getiing a mortgage in todays market
0 votes Thank Flag Link Fri Dec 31, 2010
Absolutely possible-but not guarranteed. I recommend that you speak with Chet Meachum of New American Mortgage, and he will be sincere and realistic. What you don't want is to get connected with a loan officer that promises you everything under the sun and then messes you about for months. Be careful.
2 votes Thank Flag Link Wed Jan 12, 2011
If he can qualify without you I don't foresee a problem

Recommend for you contact a mortgage broker review your financial files complete a loan application therefore you would certainly be confirmed with any further questions you may have

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
1 vote Thank Flag Link Sat Jan 1, 2011
Thanks everyone for responding. Dan, I am in Chapter 13 right now. My husband pre-qualified for 140,000 by himself. I was curious, I think my best option will be to continue to work no rebuilding my credit use my husband's loan to buy a starter home. In a couple of years once we are ready to upgrade to a different living space, we will try again to qualify together. Thanks everyone!!
1 vote Thank Flag Link Sat Jan 1, 2011
Conatact Sherry at Monarch Mtg. She may be aable to get you a loan. There was a new law passed where the waiting period has been shorted to a year if you can show there were extenuating circumstances such as illness, unemployment or some other hardship. Send me you contact info and I will forward it to Sherry.
0 votes Thank Flag Link Mon Aug 26, 2013
You may be able to finance the purchase of a home two years after you have received your bankruptcy discharge, but you may qualify as early as one year after filing Chapter 13, or one year after discharge in Chapter 7.

Check if you qualify for a mortgage. Try
0 votes Thank Flag Link Sat Aug 24, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. Good to see lending options coming back.
0 votes Thank Flag Link Sat Jul 6, 2013
it has been 2 1/2 yr. now since the bankruptcy, and now, the a court letter says Feb. 2013 the house will be foreclosured on. So how do we do a new home loan? or can we? our attorny had said since the bank would not respond to do bankruptcy it would be better on our credit. but a foreclosure would be harder on credit and now we have both?
0 votes Thank Flag Link Thu Jan 17, 2013
There are many different programs and many different lenders. I have a great lender that seems to work magic on my tough cases. Call me and i can help you look for the starter home and assist in helping you get the best loan out there. my email is and my cell number is 757-735-2628. Thanks for your question and it may not be as bad as you think.
0 votes Thank Flag Link Mon Jan 3, 2011
Thanks for the clarification. Since the BK is still active, you are unlikely to qualify to be on the loan. Talk to a couple of local lenders and make sure. If a $140,000 home would suit your current needs, it would be a great place to start. You could consider properties that are either easy to resell or remodel. When you're issues are resolved and you are able to add your income to the picture, you can either buy another place or get a loan to complete a remodel.
0 votes Thank Flag Link Sun Jan 2, 2011

Me with a loan officer and review your credit, they will be able to best assist you with this. Many people qualify for the purchase of a home on only 1 income.
0 votes Thank Flag Link Sun Jan 2, 2011
We just completed and closed a loan of your nature, you can give us a call 910-875-0291 Nikki and I will try and assist you.
0 votes Thank Flag Link Sun Jan 2, 2011
Hi Delores,
Per FHA rules you may be able to qualify for a loan after 2 years if you have re-established your credit and and have acceptable credit scores. Your Mortgage Professional should be able to sit down with you and tell you exactly what kind of credit tradelines you will need to re-establish as well as what your scores will need to be.
If you have any questions feel free to email me.
Sean Wait
0 votes Thank Flag Link Sat Jan 1, 2011
Delores, if you are paying on time in BK13 you can get a mortgage if your trustee approves. Have you spoken to your trustee?
0 votes Thank Flag Link Sat Jan 1, 2011
Dolores, when you file for bankruptcy most loan guidelines require you to wait 3 years from your discharge date before you can apply and you need to have re-established some positive credit as well.

If your husband is applying by himself the best option may be Conventional financing. See Dolores, with Conventional financing only his income is used to qualify and more importantly only his DEBT, not your combined debt. With FHA financing, even if he applies by himself, your debt is included in the debt ratio calculation along with his and that means you would qualify for less house.

Conventional financing requires a 680 credit score and at least a 5% down payment.
FHA requires a 620 credit score for most lenders and a 3.5% down payment.

If you would like more details or guidance please feel free to contact me at your convenience. Thank you and Happy New Year!

Elliott R. Oliva
Mortgage Planner
NMLS #353884
Envoy Mortgage
202-681-1636 phone
0 votes Thank Flag Link Sat Jan 1, 2011
You indicate you filed 2 years ago, was in dismissed or are you in a chapter 13 still making payments?
The general rule of thumb is 2 years after a BK is discharged you may be eligible for conventional financing. Eligible does not mean automatic approval, but if you've rebuilt your credit it may be possible.
Where it was you, prior to marriage and not your husband, it may also be possible to only use his income and credit for your purchase. You may not qualify for as much of a loan, but it's worth considering.
Talk to a local lender and discuss your full scenario.
Best of luck with your purchase.
0 votes Thank Flag Link Fri Dec 31, 2010
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