Posted on: 11th Sep, 2012 02:56 am
My bankruptcy chapter 7 was discharged in 2009, I am debating whether I should buy or rent. My sister who did a short sale in 2010 is willing to become a cosigner/co buyer for a 160K condo that I am looking at...what are my chances I can get approved for a loan in this scenario? Is it better to rent for now and wait for another year before I buy?
As your bankruptcy Chapter 7 was discharged in 2009, you may not qualify for a conventional mortgage now. In order to qualify for a conventional mortgage, you need to wait for 4 years. However, you may qualify for a FHA loan. You should contact the local lenders and apply for a FHA loan.
Actually, for homeowners, a secured loan is another fast way of getting cash quickly. Usually, the interest rates on these loans are lower, and you will often be given a higher lending amount and longer to repay the loan.
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Hi Vennice,
As far as your sister is concerned, she had a short sale in 2010. In such a situation, I don't think the lender will be ready to consider her as a co-signer for your loan.
@Sabrina... Once again, I don't think your answer is relevant to the query of the poster.
Feel free to ask if you've further queries.
Sussane
As far as your sister is concerned, she had a short sale in 2010. In such a situation, I don't think the lender will be ready to consider her as a co-signer for your loan.
@Sabrina... Once again, I don't think your answer is relevant to the query of the poster.
Feel free to ask if you've further queries.
Sussane
I agree with Niicss that you can't apply for conventional mortgage. As I think lender will not consider your sister as co signer for loan.