My Husband and I am going to put our house on the Market. We should walk away with a minimum of about $20k. We are looking to purchase a new home no greater than $165k. Our combined income for 2011 was $110k and we do not have any loans other than Mortgage-Vehicle. Here is where it get's tricky. He is currently under a Chatper 13 with only 1 1/2 years left on it, all payments have been on time and we have our Mortgage and Vehicle figured into that so all of our monthly payments besides utilites are included into the payment. We did it this way to make sure we didnt get in trouble. He had a job loss and we had a few outstanding unsecured loans that forced him to file a BK. He is now 4 years on the job, me 3 years on the job. My credit however is lacking. I have a lot of collections but no active tradelines. I have plenty of alternative tradelines with over a 12 month positive history though. I do not have judgements or liens just a lot of medical. What does it look like our chances of getting approved for an FHA purchase are? We will have over 10% down. Thanks!
i would take copies of my credit file to a MB and see how well you are doing. I think that your BK have to be discharged before you can apply for a mortgage. My minimum had to be a 640 middle score but I think some lenders require a lower score.
Fico September 2012; TU 681, EX 674, EQ 652 Fako October 2012: TU 706, EX 641,
I want to purchase a house this year or early next year. I was told that I only have to wait one year after filing my Chapter 13 and my score has to be what the lender requires and three tradelines. Your husband's credit sounds like it would be okay, if his credit score is what it needs to be. However, you all might not qualify with your name on the mortgage because of the collections and the fact that you don't have any tradelines.
Starting Score: EQ 505 jul09
