topic Re: Home Loan in Mortgage Loans

Home Loan

Anonymous — Thu, 30 Apr 2009 18:57:18 GMT

DO I HAVE A CHANCE AT ALL AT BUYING A HOME?

I have worker really hard at raising my scores. Experian 737- Transunion- 737 Equifax- 707. I make $70,000.00 per year salary. I have been at my current job for eight years. I have 10% down for a loan of $150,000.00 Here is my dilemma. My wife has a home currently in foreclosure. It was a bad investment idea. I am not on the loan or title, however we do file taxes together. I was told I can leave her off of a conventional loan. What are my chances here?

Re: Home Loan

Anonymous — Thu, 30 Apr 2009 19:00:49 GMT

As long as you don't live in a community property state, you can purchase a home without consideration of her debts or income.

Re: Home Loan

medicgrrl — Thu, 30 Apr 2009 19:02:27 GMT

You should be able to obtain the mortgage on your own. What state are you in? Does she have to be on the deed in your state? Biggest concern would be that the current mortgage company obtains a judgement against her and she is on the deed to the new property.

Re: Home Loan

llecs — Fri, 01 May 2009 00:19:06 GMT

james4jc wrote:
I have worker really hard at raising my scores. Experian 737- Transunion- 737 Equifax- 707.

I'll let the experts chime in on everything else, but be sure to pull your FICO scores ASAP. You mentioned an Experian score, but Experian stopped allowing consumers to pull their own FICO score back in mid-February.