“Dear Steve,
I recently discharged my ch 13. I am interested in understanding how long I should wait to consider a new home purchase. My fiancé has excellent credit but I contribute the bulk of the income. I am hoping that the 2 years you eluded to can be minimized with his credit history. Thoughts?
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Kellie”
Dear Kellie,
The reality is that every situation is slightly different. And in your case it isn’t really how long since a chapter 13 discharge that is critical but what you’ve done since that time to begin to rebuild your credit. I talk about how to do this in this article.
The smart move at this point would be to start rebuilding your credit and at the same time find a local mortgage broker who represents a number of different lenders. Your eligibility is going to be based on a number of factors, including how flexible lenders are with consumers who are similar to your borrowing profile.
While he might have a good credit score, I don’t know how seasoned his credit is or even what his score is.
Please post your responses and follow-up messages to me on this in the comments section below.
