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can i get a mortgage?


reese2720
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my wife and I have a house buying goal for summer of 06, which is when she graduates with masters degree and will obtain employment-teacher--she will not have extensive work history as she was fulltime student. Her credit is excellent and income will be 36k. Me- make 67k, am in process of filing bk--should be discharged by 5-05 (filing due to 4 CO = 40k in debt). Will wife be able to obtain mort with little employment time by herself? or will it be better if we apply jointly, with my bk discharged over 12 months by summer 06? Know this question is somewhat broad but any reply from those of you in the know would be appreciated!!

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If you can keep your accounts open that are in good standing through the BK, your scores should be in the 580+ range by then (Client had 510+ scores in May, went bk/discharged Oct. Now his credit is 591 score) You should plan on getting a 2 or 3 year fixed rate loan until you are 3+ past bk, and have some reserves, and can borrow to where the LTV is 95% of the appraised value; because at that point you will be able to get into a much better rate conventional loan.

Charles

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I wish I could help you on interest rate guesses, but I can not predict what will happen rate wise the 1st of April of 05, and that is only a few weeks away.

Since your wife is going to be able to track her school and then job in a field that normally has contracts, it will not be a problem.

Just tell her that she needs to get straight A's. Should be not much of a problem as I am sure you will do all of the housework while she studies...

Best of luck to her, I admire people going back to school. I tried it, and it is rather hard to study and have a life.

Charles

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