Help with mortgage loans?
Posted in Renting & Real Estate on 09/01/2010 11:57 am by admin
Liz asked:
I want to purchase a new house within a couple of months with my husband, now my credit is excellent, while he had to declare bankruptcy a year ago because his ex-wife was was just ripping him off. My question is will I be able to get a loan with him as my co-borrower now that he has that on his record for a few years? Anybody know
Frederick
I want to purchase a new house within a couple of months with my husband, now my credit is excellent, while he had to declare bankruptcy a year ago because his ex-wife was was just ripping him off. My question is will I be able to get a loan with him as my co-borrower now that he has that on his record for a few years? Anybody know
Frederick
09/03/2010 at 1:04 am
Luis
He will have that on his record for 10 years. Not what a lender is looking for right now. You may want to get the home in your name only. You can add his name later, when his credit improves, if you ever need to refinance.
09/05/2010 at 10:22 am
Audrey
Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.
A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.
09/06/2010 at 6:07 pm
Jimmy
No, you won’t be able to use your husband on any mortgage application, since doing so will create an automatic denial because of his bankruptcy. You will need to qualify on your own for the full value of any mortgage you seek.
09/07/2010 at 7:12 am
Dustin
has mortgage requirements, good lenders and mortgage rates, how to get approved for a mortgage, and all other laws and information.
09/10/2010 at 12:53 pm
Leo
It’s hard to say from the information available. You’ll probably have to wait a while yet. Most lenders require that the BK was filed at least 2 years ago, while others (mine for instance) require 2 years since discharge.
We’re very rigid with BKs, but other lenders just have that one requirement and then look at the rest of the credit the way they would anyone else. We require that the cause was beyond the person’s control (somebody got sick, for instance…losing your job or business or getting divorced is not an acceptable reason). You can’t have had a single late pay since the discharge and there must be new credit established. In addition, we cannot have lost anything because of your BK.
Call your regular bank and any credit union you might be eligible to join. They’ll tell you their requirements.