Buying a house question

[sind]

I filed chapter 7 in 2010. I own a manufactured home (13 years old). My son & wife married, own a home and have a 1 year old baby. Son and wife having hard time financially. My thought was to ask them if they would like to consider buying a house (for them) with mother in law quarters/cottage (for me). I make $75,000 a year but my credit sucks cuz of the chapter 7. My son & wife have good credit, so my question is:
Do you think we could find funding for all of us or maybe somehow leave my name off of the funding but be able to us my income to help finance?? Any info would be appreciated.

[Gonzo]

I filed chapter 7 in 2010. I own a manufactured home (13 years old). My son & wife married, own a home and have a 1 year old baby. Son and wife having hard time financially. My thought was to ask them if they would like to consider buying a house (for them) with mother in law quarters/cottage (for me). I make $75,000 a year but my credit sucks cuz of the chapter 7. My son & wife have good credit, so my question is:
Do you think we could find funding for all of us or maybe somehow leave my name off of the funding but be able to us my income to help finance?? Any info would be appreciated.

Sorry, the answer is no. Whomever goes on the loan application are parties to the transaction and everything will be checked and verified for all the applicants - credit, income, employment, etc.

If any one of the applicants does not meet the credit requirements, then the entire application will be denied. I've often had cases where a spouse's credit score was too low. In such cases, the other spouse can re-apply solely in their name IF their income alone can get them qualified. This is difficult for most average families.

If the lender allowed people to use their income to get someone qualified, it would create a disaster since it would allow people to just willy-nilly use their income in that way but have no true liability because their name would not appear on the loan. And it would mean a person could do this countless times. Lenders want to account for how much debt you have open by viewing your credit report. But if you have a mortgage obligation not showing on credit, then you could conceivably be obligated on several loans that would not show up anywhere.

By the way, FHA guidelines are much less stringent than conventional. Be sure to inquire. Also, have your son look into buying a true 2-unit home where they can get credit for the rental income for the 2nd unit. FHA allows this with just 3.5% down. Most of the anticipated rental income can be used as income for qualifying.

Very nice of you to want to help but there are no shortcuts with mortgage approval any longer.