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Established Member
Posts: 15
Registered: ‎03-05-2007
0

mortgage loan help

Hi I have a problem that i cant seem to get around. i recently did a ch7 bk about 2 months ago and all debt was cleared. my wife and i are planning on buying a new house. unfortunatly i live in ca and everything is at least $400000 where we are currently living. since i have the bk i know i will not get approved for the loan. i want it to be only in my wifes name. her fico is 685 710 780. she only makes $25000 annually. we are planning on buying a house in about 8 months and i should have about $30000 for a down payment. my question is how can i get her approved with her name only. there will be about $80000 in my savings account at the time we start to apply for loans however i figuere i need about $20000 for new furniture because i live in an apt right now. also i need to pay down all of her cc about $5000 and her car $17000. is there any way we would get approved or are we sol.
Valued Contributor
Posts: 2,385
Registered: ‎09-10-2007
0

Re: mortgage loan help

Check with Wells Fargo (their alternative lending side) - they have a program that uses the last 6 months of bank statements ((dump all money in her account) rather than 'income'.  You pay for it w/ the interest rate but they will switch you in a year to a 'normal' loan (okay, 18 months to get 2 years and rebuilt credit for you).  Wells is still doing alternative and as far as I know will continue to for the foreseable future.
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Contributor
Posts: 95
Registered: ‎06-12-2007
0

Re: mortgage loan help

[ Edited ]
My guess is, with her income, you may want to forgo spending 20 grand on furniture (seriously, 20K?). and just live with what you have. You're going to need all the cash you can get to decrease the loan amount. P+I on a $300k loan alone is about 100% of her income. Honestly, I don't see it happening. Edit: If you can have 80K in savings one year after filing for BK over 35K in bills, shouldn't you just have paid the bill? I am probably misinformed, or not completely informed, but was the BK really such a good solution?

Message Edited by hdj on 09-14-2007 09:23 AM
Established Member
Posts: 27
Registered: ‎09-02-2007
0

Re: mortgage loan help

What about a stated income loan? Her FICO should be good enough for one. You will obviously need to 'elaborate' on her income.
Too many good docs are getting out of the business. Too many OB-GYNs aren't able to practice their love with women all across this country." --President George W. Bush
Established Member
Posts: 15
Registered: ‎03-05-2007
0

Re: mortgage loan help

at the time i filed i was unemployed due to medical reasons. i had surgery and now its been 8 months of rehab so i can start working again. i make annually 100+ but since i had not been working for a while i had no choice and did not know if i would be able to return to my job thus i filed. i would not mind waiting a few years to purchase a house when my credit score is better but the houseing market in california is perfect for a buyer right now. the house we have selected is $485000 but it would have been around $600000 2 years ago and if i wait a few years the price might go back up that high. that is why i would like to find a solution as quick as possible before the houseing market gets healthy again.

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