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I have a co-buyer that makes a substantial amount of money but he file for bankruptcy 3 month ago, can I still use him on the loan?

by kelly.a.pickhert612 from Atlanta, Georgia. Aug 4th 2017 Reply


Thomas Dasta (lendfm)
#32 ranked lender in Georgia - 41 contributions

No for a conventional loan. i do have a program that does 1 day out of bk so it would have to be at lease discharged. Some of the requirements have recently changed so you may qualify depending on your ratios. We can go to 55%. Feel free to call me to discuss.Thomas Dasta tom@lendfm.com678-571-7433

Aug 4th 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

No... If they are not on the actual loan application, you can NOT use their income on any standard loan. There are some higher priced, bigger down payment, non-conforming loan options that may allow him to be on a loan with that short of a bankruptcy.

Aug 4th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,930 contributions

There are no conforming loan products where a 3 month old BK would be acceptable.. Private money, yes.. but not conforming loans.. with private money, expect the terms to be ugly.. higher down payment requirement, higher rate and higher fees.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Aug 7th 2017
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