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Getting a second home

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jerwin_atl Joined: 06 Jul 2010 Posts: 1 1.41 Dollars($)	Posted: Tue Jul 06, 2010 1:17 pm    Post subject: Getting a second home Like 0 Dislike 0 Okay...first of all..GREAT FORUM!! Here is my situation. I am currently upside down in my mortgage in Georgia(where I live). I need desparately to relocate to Missouri. My parents are not doing well, and with all the time i spend up there, eventually i will have to re-locate. I can't sell my house now, so I want to buy a cheap fixer-upper in Missouri and have a place to stay when I visit, and eventually move into permanently when I can get a transfer with my company. Then (hopefully) I can sell(or rent) the house in Georgia. Right now the house in Georgia is totally in my name. But without my wifes income, I cannot squeeze another mortgage into my debt ratio (it would put it at about 45%). If I include my wife's income, it would be around 34%...but she has a bankruptcy about 6 years ago. Would it still be do-able if my credit score is okay? Or is the 6 year old bankruptcy going to foil my plans? What are my options? Thanks -Jer
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Jul 06, 2010 8:05 pm    Post subject: Like 0 Dislike 0 Hi jerwin_atl! Welcome to forums! A 6 year old bankruptcy won't affect you and your wife's chances of getting a mortgage to buy a new home. If both of you have a decent credit score and income, you will be able to qualify for a mortgage. Feel free to ask if you've further queries. Sussane

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