Posted on: 24th Oct, 2008 06:19 am
I am hitting a wall. I make over $50k per year, but have a credit score around 600, with no income on our tax returns for last year and my husband filled bancruptcy and has about the same score. He however has years of income filled on tax returns. We have money down for a mortgage but can not find anyone to finance in this market. How do I find a lender?
let me try to understand, Nichole...how is it that you make $50K annually, yet show no income to the government?
that aside, how long ago your husband's bankruptcy was discharged is going to be a major factor. lenders aren't likely to touch you until a two-year period has elapsed.
"money down" in your present circumstances might mean you'll need only 3%, if you can obtain fha financing; but before you can get a straight answer from any of us, we honestly need some more information.
that aside, how long ago your husband's bankruptcy was discharged is going to be a major factor. lenders aren't likely to touch you until a two-year period has elapsed.
"money down" in your present circumstances might mean you'll need only 3%, if you can obtain fha financing; but before you can get a straight answer from any of us, we honestly need some more information.
Hi Nicole,
Welcome to our forums.
I agree with George. We do need more information to guide you in the right direction. I'm quite surprised as to how you didn't have any income tax obligations with an annual income of $50k. Also your credit score is just good enough for you to qualify for FHA loans if other factors remain favorable. I would like to know when you husband filed bankruptcy and when he received the discharge papers.
It's good that you have funds for the down payment. But it's important as to how long your husband has been discharged from bankruptcy. If your husband has filed chapter 7 and received a discharge, he won't be able to get better rates or offers till 2 years have passed after the discharge date.
Hope this helps...
May god bless you.
Samantha
Welcome to our forums.
I agree with George. We do need more information to guide you in the right direction. I'm quite surprised as to how you didn't have any income tax obligations with an annual income of $50k. Also your credit score is just good enough for you to qualify for FHA loans if other factors remain favorable. I would like to know when you husband filed bankruptcy and when he received the discharge papers.
It's good that you have funds for the down payment. But it's important as to how long your husband has been discharged from bankruptcy. If your husband has filed chapter 7 and received a discharge, he won't be able to get better rates or offers till 2 years have passed after the discharge date.
Hope this helps...
May god bless you.
Samantha
