only can borrow less, but we can afford more. Does anyone know a lender that will also use my income?
2007-10-29 08:51:39 · 6 answers · asked by mbz 3 in Business & Finance ➔ Renting & Real Estate
I have had a recent Bankruptcy Chapter 7
2007-10-29 08:59:59 · update #1
It is very tough to answer this question properly without more facts but I may be able to point you in the right direction.
Using your husband's credit and income by itself may be the best option. Your lender needs to be able to push the D/I ratio a little further. If you wish to get a conforming loan, you have the down payment, and your husband's credit is excellent, FNMA may be able to allow up to a 69% D/I ratio.
I don't know if a 69% D/I ratio solves your problem, but it sure could help.
If you wish to email me so I can explain how this is done, my contact information should appear.
2007-10-29 10:14:15 · answer #1 · answered by Mark M 3 · 0⤊ 0⤋
If you do find a lender that will use your income despite your recent bankruptcy, which will be tough, and might also depend on the details of it (how long ago, the details of the rest of your credit, what led to the bankruptcy, etc) keep in mind that the rate you get will likely be a LOT higher than if you just use your husbands income with good credit, because you are considered higher risk.
What you may want to try is settle for a cheaper home for now, just on your husbands income, in an area where the market is good, and flip the home once you're bankruptcy is cleared from your bureau. Then buy a house with both your imcomes at that time instead.
If you are in Ontario, I may be able to help you. If so, contact me through my profile. My services are free of charge to my clients.
2007-10-30 13:59:53 · answer #2 · answered by Mr.Jim Lahey 4 · 0⤊ 0⤋
Most lenders have restrictions on lending to people who've had BKs. Some say 2 years from the discharge and others say 2 years from filing. Some say all the debt since the BK must be 100% current. Some require you to have significant balances in their bank, and that you've paid them timely.
Basically, if you've declared BK, someone who loaned you money isn't getting the money back. Why would I now want to lend your more money?
2007-10-29 16:23:39 · answer #3 · answered by Debdeb 7 · 1⤊ 0⤋
Sorry Mary, but this is normal for anyone that filed bankruptcy.
Lenders have a policy of not affering credit to anyone that has filed for debt elimination in the past 7 years.
Ironically, a person just coming out of bankruptcy is a much better credit risk, as they can not seek bankruptcy protection again for set period of time.
2007-10-29 16:03:17 · answer #4 · answered by patrick 6 · 1⤊ 0⤋
Why won't they use your income? Can you not document it?
That is the ONLY reason that they can say you can't use your income.
Please post more details on the reasons they gave you.
2007-10-29 15:58:12 · answer #5 · answered by Expert8675309 7 · 0⤊ 2⤋
What’s a BK?
2007-10-29 15:56:18 · answer #6 · answered by Anonymous · 0⤊ 2⤋