Posted on: 02nd Nov, 2009 07:36 pm
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?
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?
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
http://www.mortgagefit.com/firsttimebuyer/title-taxcredit.html
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.