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I just applied for a FHA 203 loan and I am pre approved. My husband is in the middle of a forecloser will this affect my chances and getting the loan through underwriting and to closing
I just applied for a FHA 203 loan and I am pre approved. My husband is in the middle of a forecloser will this affect my chances and getting the loan through underwriting and to closing
It depends. All you only using your income to qualify for the mortgage? Or are you using both your combined incomes to qualify for the mortgage.
I believe you have to disclose his information for an FHA. You will want to get a conventional loan, because you can use one spouse's information for that.
I just applied for a FHA 203 loan and I am pre approved. My husband is in the middle of a forecloser will this affect my chances and getting the loan through underwriting and to closing
Hi Maryv,
It depends on several things.
Are you on title to the home that is in foreclosure?
Are you in a community property state?
3kittens - if by "walk away" you mean you'd just stop making the mortgage payments and let the bank take the home back - then that would be a foreclosure of the 1st & 2nd mortgage - and since both of your names are on the mortgages (2nd is with both of you) then it'd ruin both of your credit. Why are you considering "walking away"?
Any type of forclosure(s) would affect both of your credit reports since you are married and jointly responsible for your loans when you sign together. Even in the situation you describe neither of you should default.
If my wife takes out a loan, and defaults, and then we want to take out a loan together in the future, the forclosure will show up and the banks don't look kindly on forclosures or defaults. Forclosures and defaults will likely follow you for 7 - 10 years.
Is your state a community property state? Do you need his income to qualify for your loan or is your income sufficient? That could make a difference on whether you qualify or not maryv
I just applied for a FHA 203 loan and I am pre approved. My husband is in the middle of a forecloser will this affect my chances and getting the loan through underwriting and to closing
How did you make out on this? It would be nice to give the community a quick update.
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