I have posted in the forum before regarding loan mods and foreclosure. My home hasn't gone through the foreclosure process yet, but I am expecting it will when my Ch 7 discharges. Long story short I have tried everything to work this out with US Bank and my ex-husband (who filed ch 13 and has an interest in the property) and I am done.
What I want to know is how possible would it be to secure a new loan.
I am thinking the best way to go would be to have my boyfriend apply for the FHA loan on his own with a 5/1 or 7/1 ARM (don't scream yet) and that would give enough for the passage of time so that we can apply together for a refi in about 3 years. The reason why I say ARM is we would need both salaries to qualify for a fixed as I make more money than he does. Looking to purchase a $210,000 with $20,000 down, but may put down more if needed. I realize we could wait and rent, but rent where I live is astronomical right now and I have a dog which makes it more difficult. I'd really hate to have to give up my pet. One thing we are wondering is if we should attempt this purchase before or after we marry. Any thoughts are greatly appreciated.