Will my bankruptcy hurt her chances of getting a mortgage?
March 24th, 2015 by Questions
About two years ago I applied for my second bankruptcy I was separated at the time however we did get back together. Now my wife wants to go and get a loan to buy a house. Will my bankruptcy hurt her chances of getting a mortgage since she never went bankrupt
Posted from: Newfoundland and Labrador
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March 24, 2015 at 8:57 am, Doug Stuive, CA | Trustee | CIRP said:
Your bankruptcy will not affect your wife’s ability to obtain a mortgage provided you are not acting as a co-applicant. Among other things, the bank will assess your wife’s credit record, income level and debt service ratio to see if she qualifies for a mortgage. If she meets the criteria on her own then your income and credit report will not be required. If she needs your income to be considered to qualify for the mortgage she needs then your bankruptcy would be a factor. It would likely lead to being offered higher than market interest rates on the mortgage.