I took out an FHA loan in 2008 and defaulted with my ex wife in 2009. The home was purchased by the county I lived in instead of foreclosing. Now 4 years later (almost 5) my (new) wife and I have a combined income of 155k per year and my credit score is 605, hers is in the mid 700's. Is it to soon for us to try to buy a home with having us both on the loan? I make 115k out of our 150k total so she doesn't make enough to buy it in just her name. Are there still loan programs out there like "the best score" program that I used to see where the bank would take the best applicants score and still use the total income?
If I defaulted on my FHA loan in 2009 will I ever be able to apply for an FHA again?
Does anyone know a lender that would indeed use my wifes score and both of our incomes?
I could wait another year and a half for all the bad stuff to fall off but I wonder if the rates will have gone up so much by then that we need to figure out a way to make this work in the next 6 months.
Read more: Looking for a mortgage program that will work with my situation?
