Question on qualification for a new mortgage

[OutofTime]

Hey all I was discharged July 2010 and I am current on my home that I purchased in 2003. Looking at just my Experian fico 0f 647, would I be able to get into another home and think of renting out my current one. I filed ind when my wife wasn't working and she kept all her debt but now we want to get into a bigger home and use her credit 750+ score and have me as joint so we can combine our income together. Should we try to pre-qualify first?

Impetus on this was that my sister was first in line for a short sale home meaning once it was approved then she can obviously purchase it. My sister ended up moving into a different house but want me to switch her name to mine so I can get it. Long story short, is it even a waste of time to entertain this idea? We're in Southern CA btw and even if we didn't rent out my current home we'd still be able to afford both mortgages.

[Logan]

I'd say your out of luck but if I were you I would call a lender and ask them since they're the ones who will be giving you the money.

Logan

[BK2PD]

One thing, If you were married when you filed chapter 7, your spouse debt is excused in a Community Property state and you should not keep paying her debt at all. All you do is send a cease and desist letter with the help of you BK attorney and the ccs will stop sending the bills. Second, it is possible to get a loan if you both qualify for both mortgages, it's not as easy as it looks but it is very possible. I found it smoother if you go into new houses with builders offering their mortgages. Trust me, been there done that.

[tobee43]

i don't here, i think you may have a shot at it if you get someone really good to work with you. with your wife's scores and both your income it may work with someone that is lending. also, most banks want to see the income and deprecation on a few tax returns when it comes to proving our rental income sources. just something to think about. in the old days the banks would use a signed lease as an assurance of the income if it was a new rental property. i don't know, so much today.

ahhhhhhhhh....and that is the question. who is lending. i know my people that never filed bk have perfect credit scores and can't get a loan if their life's depended on them and they are good earners as well no debt etc.