Compare Mortgage Quotes

ilaa · Joined: 02 Nov 2009 Posts: 2 1.80 Dollars($)

I have a few questions regarding my boyfriend's ability to get a home loan as a first time home buyer. He filed bankruptcy [the one that erases everything except student loans & things like that] in October 2007 & I've been told & read that you have to wait 2 years before applying for a home loan after bankruptcy.

We have 2 houses, both are in my name & we are not married. We are trying to invest in real estate. Our plan was for the next purchased property to be a duplex/triplex/fourplex/etc. & we would live in one unit & rent out the other units & the two other houses.

My questions are:

1. How much longer should we wait before he applies for a loan for the property?
2. What is the best way to go about getting a first time home buyer loan? My first mortgage was through the seller's buddy who was a loan officer. I don't think it was the best way to go about it.
3. Any recommendations/ suggestions?

Niicss · Posted: Tue Nov 03, 2009 1:44 am Post subject:

A person can qualify for a first time homebuyer only if he/she has not owned any property in the last 3 years. Application for a loan as a first time homebuyer would be similar to the application for any other loan. Your boyfriend can contact any of the local lenders and apply for a loan. To know more about the first time homebuyers tax credit, check out the given page:
http://www.mortgagefit.com/firsttimebuyer/title-taxcredit.html

Guest

He will have to wait 2 years from release date on his BK. Then with good income and good fico scores he could look at qualifying for a loan - or you both could together.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

A few Questions: 1st time homebuyer w/past bankruptcy