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I have a bankruptcy that will not be discharged until oct 2010. I want to purchase a home as a 1st time home buyer. My mother has agreed to co-sign for me. She owns her own home and has great credit. Do you think I will get approved for a loan? Will I get the 1st time homebuyer tax write off if i have a co-signer? Don't know what steps to take in order to get this started.

Please help.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

If you mother already own a house then you will not be eligible for first time home buyer credit

Also probably it will be difficult to get loan approved with bankruptcy

chrisburns · Posted: Fri Oct 23, 2009 11:31 am Post subject:

You are going to need 3 years out of a bankruptcy to be able to get approved at all. You wont be able to be on the loan until then.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Thats you for clarifying that Chris

jveenstra · Posted: Fri Oct 23, 2009 3:47 pm Post subject: Mortgage

You are eligible for the first time homebuyer credit because you are not married to your mother. The credit is eliminated if one of two married people owned a home. It does not matter if unmarried coborrowers are on the mortgage and deed. They are not eligible, but, the first time buyer is eligible.

With a bankruptcy, Chris noted you will not be able to get a motgage until time passes.

raymond · Posted: Sat Oct 24, 2009 11:50 am Post subject:

Since the bankruptcy won't be discharged until October 2010, that means you're in chapter 13. With FHA and VA financing, you're eligible to purchase a home, and keep the bankruptcy open, after 12 months of on time payments (with all creditors, including your Trustee payments), starting from the bankruptcy's filing date. But the Trustee has to agree first. So your first step is to get pre-approved, then present the approval to your Trustee.

Guest

my girlfriend and i want to purchase a home for 39,000 she has been at the same job for 6 years credit not great but have a cosigner with garunteed income but her credit is not to good either are there companies the will lend

raymond · Posted: Wed Nov 04, 2009 9:31 am Post subject:

Sure, as long as she qualifies. Just ask a Loan Officer who's familiar with FHA-insured mortgages to take her through the pre-approval process. You'll know exactly where you stand afterwards.

gmakerley · Posted: Wed Nov 04, 2009 1:27 pm Post subject:

ash, please note that you will likely pay a higher rate for the privilege of purchasing a home for as low as $39K. the markets don't look favorably on lower loan amounts, so you'll pay more than most buyers these days, and perhaps you can avoid some or all closing costs in the process. it's a way in which a lender can provide you with the loan you need and still avoid getting into trouble with what is called a "high cost loan." each state legislates against this, making it difficult to obtain loans at reduced amounts.

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