Debt ratio low, Want a new mortgage, buy house?

Question

Hi,

This is a scenerio of a friend of mines that would like to buy a house, She sent me the information below, Is there any hope for her. 

I would like to buy a house. I own a house  now.balance 55,000.
2010 I made 15,000 I started working from August 2010
2011 I made 35,000 full year
2012 I will make 45,000
 
I would like to sell my home. my monthly not for my mortgage now is $708
Car note is $428
Credit Cards about $120 a month
 
My husband had a house in Georgia but Nov 2010 it went in foreclosure Bank of America
He makes 60,000 a year
Car note $400 he owes like $6,000 on it.
Credit Card $45 a month
 
In May this this year will you be able to use 2010 and 2011 income combined?
Will that do any justice?
My mother can cosign for me.
What is the amount that she will have to make monthly to cosign for me?
 
Or
 
Should I wait till May  2013 to purchase so you can use my income for 2011 and 2012
35,000 and 45,000 steady income for those years
 
If I should wait till next year, will my husband be able to assist me, since it will be 2-3 years since the foreclosure. He is also a veteran, but I am not sure if he can help me since the foreclosure was under his name.

***** She basically wants the best outcome*******
 
Georgia- husband name only foreclosure
 
Florida- active good standing, husband name only. good status.. we can rent this out
 
Florida- active good status, my name only, owe 55000....really want to sell this house!
 
My credit score is now 650,  by then is should be in the sevens, if I continue doing what I am doing to keep it up. 
 
My mom will cosign for me with any scenrio
  
 
We would like a mortgage for about 1200 a month, If we could use the VA loan that would be good,

Glenn S · Accepted Answer

You husband will not be able to get a real estate loan for at least 3 years from his foreclosure (FHA and VA), and 7 years with a new conventional loan.  You will not be able to use his income to qualify for a new loan until after that time.  The time starts on your husband foreclosure when the foreclosure is completed, not when it was filed.

It doesn't matter what state you are in, these are federal guidelines.

? · Answer

through fact then you certainly don't have adequate for different expenses, consisting of a motor vehicle, utilities (extra for a house), nutrition, clothing, entertainment. First you could make the cheap, locate out merely what you're spending your income on. you ought to be very much shocked at lots of categories. Secondly, you go with mark downs, a downpayment, an emergency fund, and retirement fund. Thirdly you go with stable credit. this implies paying your expenses on time, paying down your credit enjoying cards, removing some credit enjoying cards. between the main undemanding and worst issues is for a regular time shopper to purchase extra domicile than they are in a position to come across the money for. those rules exist through adventure of thousands and thousands of persons. residences fee extra effective than residences, you have loan activity and real belongings taxes, plus maintenance, maintenance, maintenance. in case you're taking each and every obtainable penny on your place and alter into disabled, ill, lose your activity--you have a severe concern, on the instant.

Trending News

Debt ratio low, Want a new mortgage, buy house?

2 Answers