My 2 year discharge will be in a few months. FICO will average around low 700's then. My girlfreind of 11 years will have her 2 year discharge in December 2004. Her FICO scores are simular to mine. Yes I agree she does not deserve it, if she only knew. Anyways I could really use her income for help on a mortgage. Did you ever find out if I should include her? My income 30k hers 18k. Are their programs out there to avoid this? Anything at all would help! I know the ideal thing would be to wait until 2005. But I really can't wait. Also I do not owe anything on a 401k loan but I could withdraw 5k at this time. Would that maybe help?
Oops, did I forget to answer this before? For conforming, her bankruptcy will kill you. Your options are to do it without her or to wait until 2005. That's the bad news. The good news is that if your FICO scores are around the mid 700's, there are plenty of non-conforming options that are comparable in price to the conforming loans. How much home do you want to buy?
$160k and that would be tough without her. Are their sub-prime mortgages that might help in this situation between the 2 of us. Or is she just that bad? Even though her FICO is around 700 after a December 2002 discharge. Or maybe I could go through a program that does not look into income? I don't have a clue.
$160K would be tough even wth her. Have you really thought this through? With your salary you probably wouldn't qualify for a mortgage that high unless you have some other sort of income to list. And do you know what your mortgage payments are going to be on $160K even with a prime rate loan and 10% down? What if you lost your job? Would you be able to pay your mortgage? Your lender will be asking these type questions. Personally, I would wait the 2 years.
Actually you did respond to this once before. I was wondering at this point what to do from here. Our incomes are not high by any means. Infact we both make more than this. I thought about a possible bad situation and I could make 30k easy and she could make 18k easy with a job loss. Conforming on just my end will not work with a 30k income. I have been at my job for 5.5 years though. Is she that bad to include in any situation? It is hard to beleive I should do this on my own before her 2 year discharge. I very well could be wrong though. I was wondering if you knew any angles or ways. Thank You!
