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Bankrupt question

by Anonymous

I have found a house I really would like to buy but its out of my price range. My unmarried daughter said she loved it also and would love for us to move in together and share expenses. Our combined incomes would be more than sufficient to qualify for a mortgage loan. I am retired and have an excellent credit score. The problem is, she recently bankrupt.

Before I contact the real estate agent, I need the answers to these 2 questions:

Is her bankruptcy a deal killer?
If not, could both of us qualify for the first time home buyers tax credit to purchase the house together?

Thanks for your help.


Hello Ms. D;

Thank you for the great questions. Hopefully you have found my website helpful.

Your question was if your daughters bankruptcy will be a deal killer. Sadly, the answer is yes.

If you need her income to qualify to buy the house, she has to also qualify for the loan. With a recent bankruptcy it will be difficult for her to get a mortgage.

After 2 years, FHA would allow her to qualify for a mortgage providing she has cleared up her credit and does not have any outstanding collections left over after the BK.

So the tax credit will not work for the two of you, however it may work for you alone if you're the only one on a mortgage.

This means you may need to look for a house that your income alone will qualify for.

I hope this helps explain it for you.



The FHA Home Loan

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First Time Home Buyer Programs

Want to see if you qualify? Maybe you want to check out this page.

Comments for Bankrupt question

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What a great question!
by: Anonymous


I had a question much like that one. It's good to see I'm not alone out here.

My son wants to buy a house and I'm a widow. His credit is in the toilet. So if we went together I can now see it will not work.

I wish the best for you and your daughter.

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