So I went ahead and applied with NFCU. I started out with applying for the Homebuyers choice. I really like the no downpayment. However I am super nervous. My chapter 7 was discharged in Jan 2012. Since then I have had perfect on time payments, Not 1 late. My current income is ~104,000. Now if they don't let me count my child support from my 2nd divorce (being divorced twice is super embarrasing) due to amount of time I have been receiving it, then my yearly income would be 90,800. My monthly debt adds up to $750. My currrent FICO 8 scores are Equifax-652, Transunion-646, and Experian-647. My mortgage scores are FICO2-673, FICO4-651, and FICO5-651. I have worked very hard on getting my credit better, and did not plan on applying for a mortgage. However, my boyfirend and I have stumbled across a great deal, and he is recovering from a chapter 13 so his scores are not going to work. Anyways, is it possible I will be approved for the homebuyers? I am worried about my chances because I am super borderline on criteria I feel.
My other option is FHA. I feel pretty confident I would be approved for FHA, since they are a little more lenient with BK. The problem is the house we want is 295K and loan limit for FHA is 271,500 for out area. We can come up with the difference if we have to, but we really dont want to go down that road (will have to ask for a gift from parents).
Anyways, I could really use some words of wisdom, advice, or encouragement.
One thing I am a little worried about is my past BK (discahrged in Jan 2012). My ex-husband and I had an FHA mortgage with out first home, and I could no longer afford the payments on my own when he left me. I decided to give the house to him, but due to his habits and my fear of him letting it go into foreclosure, at the advice of 2 lawyers, I filed. He kept the house for about a year, and of course he ended up with a short sale beause he could't sell it. It was not foreclosed on. I quit claimed the deed to his name fully after my BK was discharged. Is this going to come back and haunt me on the CAIVRS? Anyways, thank you everyone for all of your help and input.
