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Looking to buy a home but my wife has a BK from 5 months ago.

We make a combined income of $110k and my credit is 650. Any advice? by tellecon128 from Kane, Illinois. Sep 27th 2017 Reply


Anthony Jones (tony4mortgage@msn.com)
#156 ranked lender in Illinois - 4 contributions

Yes we can finance you conventional or Fha please call me at 847-858-2022 or visit my website and click apply now thank you Tony or email me at ajones@genevafi.com

Sep 27th 2017
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John Paunan (jpaunan)
#24 ranked lender in Illinois - 22 contributions

What type of bankruptcy is it, Chapter 7 or 13? Chapter 7 will have a minimum waiting period of 2 years (unless there are extenuating circumstances), while with a Chapter 13 a mortgage can be obtained as long as the following is met: one year of the pay-out period under the bankruptcy has elapsed, the borrower's payment performance has been satisfactory and all required payments have been made on time, and the borrower has received written permission from bankruptcy court to enter into the mortgage transaction.

Sep 27th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,455 contributions

More info needed, but in general..for BK 7, she needs to wait 3 years before she can be on a mortgage (FHA).. if she did a BK 13, then so long as her past 12 months payments have been made on time, then she can apply with you. If she needs to wait 3 years, then you can purchase on your own, but you cannot use her income.. Understand that if she can apply or she cannot, loan pricing and eligibility is based on the LOWEST MID score of ALL borrowers.. so if you have a 650 MID score, and her's is 550, then she wont qualify regardless.. All this being said, the best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. 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

Sep 27th 2017
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