We have kind of a unique situation, and with all the investigations I've done, I cannot find the answer. I am hoping someone on this forum can help?
My husband is currently working in another state (Ohio). He has a conventional loan in Illinois where his mom is the primary borrower, he is secondary. I currently live in that house and the mortgage payment is very low, $190 a month because the balance is now less than $30k.
Because we both filed ch 7 in 2018, we will only be eligible to purchase FHA next year, and would like to buy a house in Ohio when that time comes. We will not be paying off the Illinois house first (if possible). He makes substantially more $ than I do if that matters, so I would not be able to get the house in only my name in Ohio.
Our Dti is extremely low- close to 13%, and may be lower by next year.
Is this something that's possible or are we going to run into trouble trying to do this? Can we get a FHA loan for what's technically a 2nd home (even though his mom is primary on the Illinois house)? Or will that actually help because he moved to Ohio for a job?
Middle mortgage score for me 658, for him 625 right now.
Any help would greatly be appreciated!!
