I was wondering if anyone knows if my girlfriend and I can buy a house together and what kind of problems we will have with me mid-bankruptcy and her credit almost perfect. Can they/will input my income with her credit history??? I had perfect credit until my custody battle following the divorce from my ex, and have now almost discharged the $25,000+ in legal fees that I put on credit cards. Is it possible that a lender will give me a break due to circumstances? Thanks for any replies
I don't know if it varies by state or not, but my husband and I owned a house together before we were married. If both names are on the mortgage they'll consider both incomes and both credit ratings. If your girlfriend can qualify on her own, she can buy it herself. My mortgage is in my name only, but my husband's name is on the house. Before we were married, we were both on both, so I don't know if your name can be on the house and not the mortgage. As far as explaining things, it depends. Try to work with a local broker where you can go and discuss things, see what they say. Remember, they want you to get the mortgage--that's how they get paid. If it matters, our house is in Maryland.
Hello, Yes, you can buy a home together. If your girlfriend has a good credit score she can do a "stated" or "bank statement" loan allowing her to qualify. You can be added to title after close of escrow. Does she work? Is she w-2'd or self employed? Are you the primary source of income? You filed BK? When? There are lenders that will lend to you 1 day after your BK. How much do you have as a down payment? Loan amount? There are many factors...give me details and I can tell you what the best way to proceed.
If it matters, our house is in Maryland. The Answer is 42!! ==================== Where R U ? ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> lol
Re: Re: cohabitation and mortgage Loan Queen: I take it you take alot of your borrowers stated? well noth of you are defrauding not only the investor but everyone else that works in the industry. It makes more sense to use a NO RATIO loan! that way DTI's are not a factor and you are not defrauding anyone as long as the payment shock is not too big. however in this instance, I would say that he is not going to be able to be on the mortgage due to the fact of still being in BK. If she cannot qualify for the house using just her income, I would wait unless you have enough money for the downpayment! and yes, like loan queen mentioned you would be able to deed yourself into the home after closing but the mortgage would show up only in her name. here to asisst whenever I can BB AHMCC
Re: Re: cohabitation and mortgage agreed! NO RATIO is the way to go. just remember you will pay a higher rate for going that route. you may be able to qualify for FHA because of extenuating circumstances and that isn't fico driven. but you will need to show it wasn't due to financial mismanagement.
