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My wife and I are looking to buy a house. Before I married, I had significant debt, so declared bankruptcy (Ch 7) that discharged July 2014. My wife didn't have the bankruptcy. I had a FHA house that I bought with my mother before I married that was cleared off my credit report by the bankruptcy. We have continued to pay the mortgage because my mother and brother still live there and pay me money for it. I have sinced moved to a place I rent with my wife and we had a daughter in that time.
My scores are around 650. My wife's scores are around 670.
I heard you cannot have more than one FHA execpt in certain circumstances. If my wife goes in on the loan, does that count me as a co-borrower exception to the FHA rule?
My wife doesn't work, but I have worked 6 years at my current employer and good income also.
Does anyone know if we can get FHA or convential with one spouse having the bankruptcy? Thanks so much.
You can go through FHA since it's past two years the discharged date.
I think his question is whether he can get a second FHA loan since he already has one.
Check this link...
<mod edit>
I'm sorry but that link isn't permitted. --UB
Thank you for the replies. I have found other information about non-occupying co-borrower for FHA on the Internet. Does anyone know if I can "sell" my old home that my mother and brother already live in to them? They don't have enough credit or income, but from what I read on non-occupying co-borrower, they can use my credit and income to qualify. Is this true? Anyone have further information on it?
ooops...my bad