Will my wife had trouble getting FHA loan?

drockh

LoanSafe Member
#1
I am in the middle of one strategic default and another soon to be since we are underwater on both by quite a bit. My wife is not listed on either home. Will she have trouble getting an FHA loan on her own for a new home and will my history cause any issues with her loan? Also could there be problems with the loan if her residence is in the foreclosure process? Both our credit scores are in the mid 700s according to credit karma.

Thanks!
 

Cat Damiano

Mortgage Wars
#2
If she has a home going through foreclosure then she will not qualify for a new loan.
 

Cat Damiano

Mortgage Wars
#4
I am just going off of your posted question;

Also could there be problems with the loan if her residence is in the foreclosure process?


All you need to do is to contact an FHA lender in your area to look over her credit, income, and information and they will let you know if she can qualify for a new loan. If she isn't anywhere on the mortgage or deed to the property you are referring to, then that shouldn't have an effect on her purchasing a property on her own, but without having access to the information that the lender will be looking at, this is a determination that we are not able to make.

HUD FHA Lender List
 

drockh

LoanSafe Member
#5
I am just going off of your posted question;

Also could there be problems with the loan if her residence is in the foreclosure process?


All you need to do is to contact an FHA lender in your area to look over her credit, income, and information and they will let you know if she can qualify for a new loan. If she isn't anywhere on the mortgage or deed to the property you are referring to, then that shouldn't have an effect on her purchasing a property on her own, but without having access to the information that the lender will be looking at, this is a determination that we are not able to make.

HUD FHA Lender List
Thanks I will have her apply and see if we can get the loan amount we are hoping for.

How long would it typically take for a foreclosure to appear on my record? If I applied for the loan with her and we are only 1 month into nonpayment on one of the properties will they even see anything? My gut is telling me to just see what she can get on her own first....
 

Cat Damiano

Mortgage Wars
#6
There are questions on an FHA 1003 application directly relating to owning other property and foreclosure, she may not qualify with you on the loan. But again, these are questions that you will have to ask of an FHA lender.
 
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