Is it possible to buy a home if my fiancee filed chapter 13?
May 15th, 2010
I would like to get approved for at least 250,000 mortage loan. I make 61,500/yr and she makes 31,000/yr, but I don’t know if it is a good idea to include her because she filed chapter 13 roughly 2 – 3 years ago. What should I do? Thanks.
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I wouldn’t apply for the loan with your fiancee. Do it alone. Banks are looking for any reason to shoot someone down now a days. And a chapter 13 makes it too easy for them.
If you get turned down doing it alone. It would probably be best to wait 1-2 more years, then try to get another home with her. There will still be plenty of homes on the market. Don’t worry if it doesn’t work out right now, but at least give it a shot.
Good Luck!
try and get the loan on your own even if she was approved your rate would be higher
too soon to include her and you won’t qualify for that sized loan without her – better to wait until 5 yrs have gone by and check her score then – I was able to buy a house about 5 yrs after a chap 7 bankr – my score was up to 680+
Assuming your fiancee has re-established her credit to a fair rating, there shouldn’t be any problem getting a mortgage.
I’ve seen them done.
As to whether or not to include her, you’ll make that decision when you get a look at her credit situation. It may inflate the interest rate.
But chapter 13 can be done around a year removed.
Good Luck and I hope that helped.
talk with a lender