Mortgage with poor credit (loan, foreclosure, fees, loan)

[Lancet71]

I know it sounds bad but my wife has poor credit due mostly to her previous marriage and the fradulent accounts opened in her name by the ex. I currently own a home upstate and will be selling soon but in the interim we're trying to get a mortgage in her name.Are there any banks or lenders that you can suggest.She is not part of the foreclosure craze,but repairing the incorrect info has taken time and alot of lawyers fees due to this.

[MissNM]

Buy the house in your name only. If it's a community property state - it won't make any difference on ownership, anyway.

If her income is important for the loan, you could go FHA. They are a little more forgiving. Go through a mortgage broker, as you will find there are a lot more options out there.

[Lancet71]

Originally Posted by MissNM

Buy the house in your name only. If it's a community property state - it won't make any difference on ownership, anyway.

If her income is important for the loan, you could go FHA. They are a little more forgiving. Go through a mortgage broker, as you will find there are a lot more options out there.

The problem is my debt to income is too high considering the other house right now so I can't qualify for 2 at once.I'm the only one on this mortgage so I figured there might be certain specific companies that are easier to deal with or who have better options.

[SmartMoney]

If your wife has poor credit, she won't be getting a mortgage in today's climate.

The only possibility I can see is for you to purchase and get a co-signer, buying FHA. But even then you may hit roadblocks. Information needed to further assess the situation: Is your current home financed FHA? Is your move job related? Are you upside down on the home?

[Lancet71]

Originally Posted by SmartMoney

If your wife has poor credit, she won't be getting a mortgage in today's climate.

The only possibility I can see is for you to purchase and get a co-signer, buying FHA. But even then you may hit roadblocks. Information needed to further assess the situation: Is your current home financed FHA? Is your move job related? Are you upside down on the home?

I'm okay on this mortgage,not upside down and it is FHA. I should qualify for VA loan but every time I attempt the records they pull for me are vague and I get denied.I was active duty and later a reservist so they keep telling me that I was 2 months shy of qualifying.1 year 7 months active, 5 years 10 months reserve.My dates are messy due to deployments and being putting on standby for deployments.My discharge date is estimated as Sep 1999 but I was put on standby and discharged/released in December which should make my reserve time 3 months more but they are not counting it. Can't even tell you how many times the Air Force screwed me over!