Need to know if my wife will qualify for FHA loan or any other mortgage?

Asked by Manpreet Singh, Berwyn, IL Fri Feb 15, 2013

My wife had a bankruptcy and short sale in the year 2008. After that she took credit cards again and could not pay them due to medical reasons. I have paid off everything now. Is there a way she can qualify for mortgage now or in a years time. I am willing to put 20% down.

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Wed Sep 18, 2013
Here's an update to this post, guideline changes are coming out for both conventional and FHA financing with regards to waiting periods under certain circumstances. Since these items are "in process" at the moment, it would be irresponsible of me to post details at this time but in many cases, foreclosures, short sales and loan mods are being given reduced and in some cases, 0 waiting periods now.

You'll want to keep in contact with a loan officer you trust who keeps current on guidelines if you're in one of these situations. I.E. 0 seasoning after a short sale for FHA loans if it was paid on time the previous twelve months and wasn't previously a FHA mortgage.
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Fri Feb 15, 2013
Enough time has passed for the short sale and bankruptcy not to be a major issue (lenders may have overlays with respect to the short sale but it sounds ilke your down payment ability will reasonably address any additional down payment you'd be required to put down).

As for the medical issues, the main concern is that her credit will be impacted and the necessary score may not be there. If the medical issues are behind her or reasonably addressed and she can show a history of regular timely payments again, it shouldn't be an issue. Underwriters will all look at this differently so you could run into an underwriter who may accept six months of timely payments after the most recent credit issue (depending how severe the credit hits were) or you may run into one that wants a year. It also depends what happened immediately post-bankruptcy as well. This answer is unfortunately largely subjective so you'll get a different take from different underwriters at different companies. The only way to get a better idea is to have a mortgage professional review your credit profile and make sure they're someone who's very good with underwriting guidelines (otherwise you may end up chasing your tail) to give you some feedback.

Bottom line, a year from when the credit issues were resolved is a pretty safe bet if you're not in a rush but my disclaimer is that none of us reading this know what her credit looks like so we can only make high level responses.
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I apolgize, "replies" (only direct inquiries or replies to the thread) don't send email updates so I didn't know you responded. To answer your question it's "possible" to afford a 50k mortgage with a 15k/yr income but I don't know what your debts are like, taxes, insurance and/or assessments if it's a condo. There's a lot of unknowns. If you're still seeking help, you may contact me directly.
Flag Mon Mar 11, 2013
I just got a job last month and have fair credit score. For a mortgage of 50,000. Will I qualify for a mortgage if I make only 15000 a year ? If I apply the loan by myself?
Flag Fri Feb 15, 2013
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