Need a new mortgage....possible?

[pt0872]

Hello all,
I'm new here.
My 2 years post discharge will be July 2nd. We just lost dad and mom is moving in with us. We need a bigger house fast.
I currently own a home but I'm getting 80k from my moms house for a down payment. Looking at needing a 380-400k mortgage before my down payment.

Last year I made 80k and wife made 40k
Current scores in the 630-650 range for myself and not much different for the wife.
Is this even possible?

Thanks so much for your advice

[Drazil65]

Hi, have you talked to a mortgage/bank person yet? It may be possible, but not sure what kind of rate you will get with scores in the low 600's, you might want to get something cheaper to lower your monthly payment some in case you get hit with higher rate. Have you thought about renting to own (will take some research but a real estate agent can help).

Was the current house you live in included in your bankruptcy? Can you add on to your current house (ie: mother-in-law suite or something like that), did you reaffirm or if you are current would it be worth it if your payments are working for you as is and use the cash you are given to add on or update current home? What will you do with your current house if you move? walk away? sell it? I think your best bet at this point is to go talk to your bank but be sure to look at all of your alternatives.

[pt0872]

We are current with our mortgage. Probably walk with maybe 30k from the sale.

Looking to move into a better school system and adding onto my current house won't work either.