Posted on: 13th Sep, 2010 05:39 pm
My husband and I had a failed business and had to file bankruptcy and let our house go into foreclosure 2 years ago. I have snce found a job making $56k + bonus a year and he make $37k a year teaching. We have found a house for $150K that we both love and my mother has agrees to cosign the mortgage. We have not had a chance to save any thing for a down payment. Is ther any possibility that we can get a mortgage? Thanks!!
Hi les!
Welcome to forums!
What type of bankruptcy did you file? If you filed Chapter 7, then after 2 years of discharge you'll be able to get a FHA loan. However, if you filed Chapter 13, then you'll qualify for a conventional loan after 2 years of discharge. But you've mentioned you don't have a down payment. This can make things difficult for you. Unless you have a down payment, lenders will not be ready to give you a mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
What type of bankruptcy did you file? If you filed Chapter 7, then after 2 years of discharge you'll be able to get a FHA loan. However, if you filed Chapter 13, then you'll qualify for a conventional loan after 2 years of discharge. But you've mentioned you don't have a down payment. This can make things difficult for you. Unless you have a down payment, lenders will not be ready to give you a mortgage.
Feel free to ask if you've further queries.
Sussane