Mortgage Questions for Charles

[sisflomi]

Hi Charles, I have a few questions for you. My bf just filed bk in May. His meeting was 6-3. We are thinking it will be discharged by aug or sep of 03. His scores are already on the rise. I was able to get him a Target card with a 200.00 limit last week. His scores now sit at EQ 598, EXP 505 (bk is not showing yet) TU 583. He has been at the same job for more than 6 years. They temp cut his ot for a few months. Supposed to be back to normal after Sept. He is at 65000.00 w/ot pay. I am adding him to one of my cc's with a year history of good pay with low balance, and going to open a secured installment loan for him soon. I am thinking his scores should be around 640 or so by this time next year. That is when we would like to get a home. Everyone I talk to says he has to be two years past bk with new credit established and in good standing.
Is it possible to get a home loan a year after doing bk without getting hit with huge downpayments and high fees? Is it possible if we were married that I can use his income (I don't work, get child support but its cash) and my credit to do a home loan? Would he have to apply with me if I used his income? We don't plan to buy a car or have any high cc debts. My ficos are high 500's and are on the rise along with his. Any suggestions on how we might get a home this time next year? We just signed another year lease with our apartment complex. No lates on rent ever, for 15 years, 4 years with current landlord.

[kb9tbq]

Sis - sry I got delayed on letting Charles know of your post; we have an e-mail system going, :p I know he will be about today.

[firstsource]

Hi KB, I am proud of my self, I found this post....so smart...or lucky.

There are so many lenders out there. One of them does not have BK seasoning, ie you can get a loan one day out of BK. LTV's (Percentage of the price/appraised value of the home) range from 80% for a 560 score, 90% for a 580 score, 95% for a 620 score. Another one starts at 500 for 65%, 75% for a 525, 80% for a 600, and that is the max for them.

You won't get a hit for high fees, but of course the interest rate will be high. But what you are doing is getting a home with a temp. loan. Refinance after 2-3 years, then after total of 5 years from a BK, you are in Prime rate territory.

The person with 52% or more of the total income determines the credit scores that are used. So, unless you get up into the 680's you are not going to be able to use your scores. Then the programs become more flexible from different lenders.

Glad to help, If I don't answer you in a day or so, pls send me an email of the thread address/link.

Charles