Posted on: 25th Jul, 2010 08:14 pm
i recently remarried and we are looking to buy a house. my wife had to file chapter 13 bankruptcy due to her divorce. my credit score is ok 670. we are currently renting a townhouse for 2200 with the option to purchase since august 2008 and have been putting $400 in an account to save for a down payment. the lease to option agreement ends on may 1, 2011 and we will have 22,000 for down payment. the seller wants to sell the house at 312,000 but the going selling price in the area for the same townhouse is about 260,000. my question is we will be able to get a mortgage based on our combined income without my wife having to cosign because she filed bankruptcy in 2008, or will the mortgage company only use my income. i make $66k and my wife makes $92k.
You can't use your wife's income unless she is on the loan.