Posted on: 26th Jun, 2011 11:07 am
Hey all,
I'm new here but looks like you have a ton of great info. My situations a bit complex so I thought I'd post to see what people thought.
My wife and I are starting to think about whether its possible to buy a house in the next year or so and what we'd need to do before to make it possible.
I filed for chapter 7 and it was discharged in August of 2010, prior to our marriage so my wife wasn't on it if that affects anything.
I'm now making a good amount of money as a self employed / contract software developer (have a contract through the end of the year and expect to bring in roughly 140k pre tax this year). However I've only been self employed since December, and prior to that was not working for about 6 months.
Neither of us have bought a home before. My wife isn't working.
Our credit scores are both pretty low (around 640), although hers should be getting significantly better because we just paid off all of her credit card debt. Now the only debt we have is student loans (less than 15k).
So basically we are in a pretty good place now financially, but it's probably tough to prove that to a lender. I've seen that self employed typically requires 2 years of history. We're looking to buy for around 200k, and would be able to put a significant down if necessary.
Any thoughts on whether it'd be possible at all to find a loan? Should we talk to a broker or request a quote ourselves through something like LendingTree.com in a few more months when we get closer?
I'm new here but looks like you have a ton of great info. My situations a bit complex so I thought I'd post to see what people thought.
My wife and I are starting to think about whether its possible to buy a house in the next year or so and what we'd need to do before to make it possible.
I filed for chapter 7 and it was discharged in August of 2010, prior to our marriage so my wife wasn't on it if that affects anything.
I'm now making a good amount of money as a self employed / contract software developer (have a contract through the end of the year and expect to bring in roughly 140k pre tax this year). However I've only been self employed since December, and prior to that was not working for about 6 months.
Neither of us have bought a home before. My wife isn't working.
Our credit scores are both pretty low (around 640), although hers should be getting significantly better because we just paid off all of her credit card debt. Now the only debt we have is student loans (less than 15k).
So basically we are in a pretty good place now financially, but it's probably tough to prove that to a lender. I've seen that self employed typically requires 2 years of history. We're looking to buy for around 200k, and would be able to put a significant down if necessary.
Any thoughts on whether it'd be possible at all to find a loan? Should we talk to a broker or request a quote ourselves through something like LendingTree.com in a few more months when we get closer?