| Author |
Message |
|
|
 ilaa
Joined: 02 Nov 2009
Posts: 2
1.80 Dollars($)
|
 Posted: Mon Nov 02, 2009 8:36 pm Post subject: A few Questions: 1st time homebuyer w/past bankruptcy |
|
|
I have a few questions regarding my boyfriend's ability to get a home loan as a first time home buyer. He filed bankruptcy [the one that erases everything except student loans & things like that] in October 2007 & I've been told & read that you have to wait 2 years before applying for a home loan after bankruptcy.
We have 2 houses, both are in my name & we are not married. We are trying to invest in real estate. Our plan was for the next purchased property to be a duplex/triplex/fourplex/etc. & we would live in one unit & rent out the other units & the two other houses.
My questions are:
1. How much longer should we wait before he applies for a loan for the property?
2. What is the best way to go about getting a first time home buyer loan? My first mortgage was through the seller's buddy who was a loan officer. I don't think it was the best way to go about it.
3. Any recommendations/ suggestions? |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
|
| 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
_________________
Good is the Enemy of Great. |
|
|
guest1971
Guest
|
| Posted: Tue Nov 03, 2009 10:14 pm Post subject: |
|
|
| 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. |
|
|
