Good luck with your loan, please see my blog with tips and advice on getiing a mortgage in todays market
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
Check if you qualify for a mortgage. Try http://www.whywaitbuytoday.com
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 firstname.lastname@example.org and my cell number is 757-735-2628. Thanks for your question and it may not be as bad as you think.
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.
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.
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
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.