If I marry, can she apply for a home loan and include my income her credit score is over 800? 7 Answers as of October 27, 2016

I have a chapter 13 and I'm waiting for the discharge. Together, we would make $100,000 a year.

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Ronald K. Nims LLC | Ronald K. Nims
Income level and credit score are two entirely different things. For example, if a person with perfect credit and an income of $100,000 a year applies for a $2,000,000 mortgage with payments of $8,000 a month, they will be declined because their income isn't high enough to make the payments. On the other hand a person with a $100,000 and terrible credit would probably be declined on a $10,000 credit card. They have enough income to make the payments but their history shows they are unlikely to make the payments.
Answer Applies to: Ohio
Replied: 10/27/2016
OlsenDaines | Rex Daines
This is a better question for a mortgage broker as mortgage underwriting standards change all the time. I believe the current rule is that if they use your income, then they also use your credit and they will average the two credit scores. Your score will increase substantially in the few months after the bankruptcy discharge is entered.
Answer Applies to: Oregon
Replied: 10/26/2016
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Probably, but only your mortgage broker can answer that question.
Answer Applies to: Colorado
Replied: 10/25/2016
A Fresh Start
A Fresh Start | Dorothy G Bunce
That would be a question to ask the lender, not an attorney. Generally, to include a persons income in a mortgage application, both need to be applying for the loan, and for you to apply for any loan right now would require either trustee or court permission.
Answer Applies to: Nevada
Replied: 10/21/2016
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Yes. That can be done. However, every lender is different so it is up to them in the end.
Answer Applies to: California
Replied: 10/21/2016
    Garner Law Office
    Garner Law Office | Daniel Garner
    The chapter 13 and the home loan are 2 separate but related issues. As long as you are in chapter 13, you may not incur new debt without permission from the bankruptcy trustee. Your fiance's credit score is likely much better than yours, so it is difficult to say whether your being on the mortgage would be better or worse. Generally speaking, it is advisable for someone coming out of bankruptcy to be very conservative about borrowing, and that would mean a large down payment on any home you are buying.
    Answer Applies to: Oregon
    Replied: 10/21/2016
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    Yes.
    Answer Applies to: Wisconsin
    Replied: 10/21/2016
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