Posted on: 28th May, 2010 07:45 pm
this is the situation: my chapter 7 bankruptcy was discharged roughly 15mts ago, and although i have been able to get a couple of low-limit credit cards my credit is obviously damaged at the moment. the financial situation leading up to the filing is resolved (i essentially took over a significant chunk of my ex-wife's debt in order to buy her out of my current house).
i am now considering an offer to relocate (to grand rapids, mi) and in the process of doing so i would like to be able to purchase a new home.
my girlfriend would also be purchasing the home with me, although she has an excellent credit, she makes a lot less than me. considering she will keep her property where we currently live, her debt/income ratio will be rather high.
so in short, is there any chance getting a mortgage given our current situation??
thanks!!
i am now considering an offer to relocate (to grand rapids, mi) and in the process of doing so i would like to be able to purchase a new home.
my girlfriend would also be purchasing the home with me, although she has an excellent credit, she makes a lot less than me. considering she will keep her property where we currently live, her debt/income ratio will be rather high.
so in short, is there any chance getting a mortgage given our current situation??
thanks!!
Welcome manfr,
As your bankruptcy filing was discharged 15 months ago, you will not be able to qualify for a loan now. You will have to wait for 2 years in order to qualify for a FHA loan whereas 4 years to qualify for a conventional loan.
As your bankruptcy filing was discharged 15 months ago, you will not be able to qualify for a loan now. You will have to wait for 2 years in order to qualify for a FHA loan whereas 4 years to qualify for a conventional loan.