Home Loan

[mynewlife115]

I filed Chapter 7 in May a few weeks before getting married. My 341 was in July and last day for objections was 8/6. As of yet, no discharge.

My husband wants to buy a house and it makes sense financially as the mortgage would be cheaper than rent. He wants my name on the title and loan. His credit is good, but doesn't know if he can qualify for the full amount on his own. Will my name/credit on this application make for a black eye on him and the possible loan? Will I be laughed out? Of course, this would be after my discharge.

[tcreegan]

income

mynewlife115,

If you have significant income it helps to have you apply with him. Without significant income it would best to have him apply by himself.

There are a number of online websites that can give you the parameters; given this income and credit score, how much can I borrow, what are the latest interest rates, etc. And of course any reputable loan broker can do the same for you. (key word: reputable)

Good luck with this,

Tom in Colo

[SunshineGal]

Hi,

If you are able to find a contract for deed type deal where the current owners will hold the mortgage, than your income may help with the loan. Otherwise, you are not going to find a lender who will approve you with a recent chapter 7. Sorry, but the guidelines for mortgages have really tightened up.

[mynewlife115]

Thanks for the insight. My income is less than his, so I guess he has to go this alone for now.

[SunshineGal]

Thanks for the insight. My income is less than his, so I guess he has to go this alone for now.

The income wouldn't make a difference. The problem is that most lenders are going to require 3-5 years from the discharge date with re-established credit. The good new is that you can still be on the title.