Will I be approved? Opinions please

[jack62]

Chap 7 filed May 05.
Discharged Aug 05.

Wife left, house forclosed this year. (07)
(we were very upside down, was best to let it go)
(NOT re-affirmed in BK btw)

now the good news:

Before my wife left me WE were able to get an auto loan. It was her car. It is her car. Thank god she has made every payment ON TIME. (verified by credit report) She has been paying for roughly 18 months. Thus lifting MY credit score.

Just this month, she traded in the car for another car, and at the same time WE were able to get the new car in HER NAME ONLY. (Thus the "debt" comes off my credit)

One more piece of information. We are currently seperated, but nothing has been signed. No "legal" seperation. No divorce. We are just seperated.
We do have a mediation agreement though. (Not signed) Just a mutual thing for now. I pay $680 per month Child Support....however, No legal agency (courts,etc) has told me YOU MUST PAY xxx amount of dollars. Does this still get included in "debts" when doing the calculations?

Bottom Line: Current Credit Score 659, 652, 654
A letter saying the car debt is no longer mine: (just this month)
Considering above info.......I am looking for roughly $70k loan
with as little down payment as possible.
(even if it's a bad rate....I can re-fi in a year)

My income is $45k per year and rising.
I've personaly done the math and even WITH child support I think I am close. Very close. What do you think?

[halloweendmb1]

have you missed a payment on anything since the BK discharge? That will kill a mtg every time for a long time

[Flamingo]

Even people with excellent credit now are having a hard time getting loans and/or mortgages. It's just the market right now and lenders are being very picky as to to whom they extend credit. No one can say for sure whether or not you will be approved but at this stage of the game with the market the way it is and a Chapter 7 on your record just two years ago, don't be surprised if you do not get approved if you apply.

[jack62]

no I have not missed any payments on anything since BK.

After the BK, I don't have anything to miss payments on.

So it doesn't look like I will get this house I just fell in love with.

[Flamingo]

no I have not missed any payments on anything since BK.

After the BK, I don't have anything to miss payments on.

So it doesn't look like I will get this house I just fell in love with.

In your title line you state "Will I be approved? Opinions Please." What I stated on here is my opinion as to your situation and the current market. It does not mean you won't get the house you just fell in love with. No one can answer that question except to give you an opinion. If you have not been late with anything since BK and have enough income coming in and other things in your favor, you never know until you apply. But as I stated in my posting, reality can be a good or bad thing and right now lenders are extremely picky. You might want to wait until the market is better to avoid the possibility of getting turned down. In the interim if you wait, be extremely diligent with all your payments and keep any credit balances down low if you have any credit cards. Best of luck to you.