My wife filed for bankruptcy right before I had met her. That was about 2 years ago. We want to buy a house now, but we were wondering how that would affect us getting an FHA loan. My credit is pretty good and I am paying down my debt that I do have before we buy a home. Any comments?
=====ANSWER=====
Hello There Friend,
Thank you for your question and visiting my website.
If it has been two years since your wife's bankruptcy, then this should not be too much of a problem. FHA guidelines (unless they have changed recently) allows a person to buy a house after the 2 year period.
The fact that you will be the primary borrower and have a decent score will weigh in your favor. If your debt to income is good, then you might be in good shape. Use my mortgage qualification calculator to determine what your DTI is.
Hopefully your wife has cleaned up any issues and has established credit after bankruptcy and this will make it possible for her to be on the mortgage also.
So in summary, based on the above mentioned conclusions, you should be able to qualify for the FHA home loan.
Please take look at my web page best FHA home loans for more details on this subject. In fact you will find a link on this page to apply for an FHA mortgage also and discuss this in greater detail with the lenders.
I wish you the best in the pursuit of home ownership. I feel this is a good time to buy a home if you're in a market where real estate prices have bottomed out.
Understanding how credit scores work is the beginning of the mortgage process. Know your credit scores before you apply for a mortgage. Many free details found on this page.
