do i have a chance??

[sunni828]

hello,

 

i am one year post bk ch 7. i am a single mom of one, recently divorced. i make $42k per year and am looking to buy a townhome for $142k. I have been at my job for 4 yrs. I only have 1 car payment of $288, 1 cc of about $18 per month, and student loan of $122 per month. My ex-husband has a truck that i am on as a joint loan but in the divorce decree states he got the truck, it is $489 per month. Will the truck count against me to qualify? The guy selling the townhome says it shouldnt be a problem. This is a new construction and he also said i could go with CHAFA which is the Colorado Housing Authority for my down payment and my loan. My scores are 640, 609, and 589. Do you think i will be able to get a loan? He states my payments would be about $900 per month which i could afford. Any imput would be appreciated...Thanks,

[sunni828]

could someone please give their opinion?

[watts_da]

Sunni828, I don't know anything about BK but we just got financed for 100% with 6.625 int. on a house that's $140,000. We close on the 23rd and everything is moving right along. Our middle scores were 580-600 and our income is around the same as yours.

I remember what it was like being a single mom so if I can help in anyway, let me know.

[sunni828]

Thanks Watts for the kind reply... i am really excited about this process and will let you know what happens. I hope your closing goes well, please let us know!!

[fla-tan]

hello,

 

i am one year post bk ch 7. i am a single mom of one, recently divorced. i make $42k per year and am looking to buy a townhome for $142k. Normally, being only one year post BK will preclude you from going either conforming or government guaranteed. There are subprime lenders that will lend you one year post BK and the rates will vary from about 7-9%, depending on several factors.

 

sunni

 

Sorry for being slow to get back with you. Look in your post for the answers.

 

 

fla-tan

 

 

fla-tan

[sunni828]

wow fla-tan that is really depressing... i wont be able to qualify for squat with that truck payment counting against me - looks like the ex gets to screw me for the next 5 1/2 yrs!! his credit is terrible... the website for chfa is http://www.colohfa.org/ if you could check it out when you get a chance i would appreciate it. Also, what could i qualify for with my income? my rent is already $800 per month so i know a mortgage payment wouldnt be a problem but i guess i would be considered a bad risk!! thank you for all your help!