I need some guidance if anyone has some ideas or directions.
My husband has just been discharged from bankruptcy a month ago, the bankruptcy was due to marital debt he got stuck with along with other debt she fradulently obtained under his nane without his knowledge. At any rate I have found that I have $30 to 35000 I have access to from my company pension which we could use as out down payment. We were looking at a house in the $130 to 140,000 range so would be within the 20% down requirements. We are both first time buyers and were looking for some guidance and information where we may start to look to obtain a mortgage. Any help, suggestions would be greatly appreciated.

Thanks
JEB

I am not a residential lender. In fact, I am not a lender at all. Having said that, here are some comments and thoughts that might be appropriate for your situation:

1- Have you checked both your credit report and your husband’s? It would be a good idea to do that. While your husband’s will probably be bad ” I would guess around 500” , you need to know where yours stand.

2- Would you be able to qualify for the mortgage by yourself? If you are the only one buying the house, you would be eligible for conventional financing consideration. I very much doubt that the lenders would even consider with a bankruptcy in the mix.

3- You need to talk to a residential lender in your area. Do not be afraid to sit down and talk to someone. The worst thing they can say is ”no”


I would also like to point you in the direction of http://www.creditboards.com/phpBB2/ This is a message board, which is great for issues of personal credit. Like I said before, my personal lending background is very limited.

Hope this helps,