How to qualify (short sale, foreclosure, mortgage)

[Augs62]

I had a bankruptcy more than 2 yrs ago and my credit is 660-680. I am looking to purchase a house and my income is apx 40k. I will have apx 40,000 to put down and I am self-employed. I am looking at a house that is 190,000. Would it be difficult for me to get approved, and I do have an option of adding my mother which has a mo. income of 1620.00 and has good credit, or to add my wife, which has poor credit and makes 31k?

[jbean1234]

There is a local mortgage company that works with buyers who've had bankruptcy, short sale or foreclosure issues that you may want to speak with: Coastline Home Mortgage, 904-677-4010, Tom Morcom. Good luck!

[Florida2014]

This should be moved or deleted, nothing to do w/Jax.

[SaintCabbage]

Weirdest Internet forum in cyberspace...

[tacosman]

Originally Posted by Augs62

I had a bankruptcy more than 2 yrs ago and my credit is 660-680. I am looking to purchase a house and my income is apx 40k. I will have apx 40,000 to put down and I am self-employed. I am looking at a house that is 190,000. Would it be difficult for me to get approved, and I do have an option of adding my mother which has a mo. income of 1620.00 and has good credit, or to add my wife, which has poor credit and makes 31k?

The bankruptcy is going to be a much bigger problem than that credit score. Yes, bankruptcies do get incorporated into credit scores, but someone with a 630 credit score and no sentinel events like bankruptcy is going to be in MUCH better position to buy a house than someone with a 680 credit score and a bankruptcy 2 years old.

If you put down 40k you may be ok though.

[dreamhometeamjax]

I would contact multiple lenders. Some can work better with you than others, and may have products more suited to your situation. If you get turned down by 1, it doesn't mean another won't approve you. PM me and I can give a few recommendations.