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How to get into a house with marginal credit but a good income?

I am married with a combined income of $125,000/yr. We filed a joint bankruptcy approximately 5 years ago. My wifes credit, while not extensive (3-4 Credit cards--nothing over 1,000 limit) is all good except for the Banko. I have not used credit in about 15 years with one exception and that was a small ($5K) loan which was paid on time. I spent many years self-employed though I am now in a permanent position and have been for the past 7 months. My wife still contracts as I did, but may be taking a permanent position in the comming month as well. I also have an existing Federal tax lien (appx 15K). It's not at all pretty, but would like to know from any experts in the field if they have any ideas as I am really tired of throwing away 1500/mo in rent--thanks Would the Federal tax lien HAVE to be paid for anyone to finance us?

Asked By: Ceroulious - 7/17/2006
Best Answer - Chosen by Asker
Is the Tax Lein on your wife? Or just on you? If it is on you and not on the wife, you may want to look into going off your wife and her credit. If her income is not enough to qualify you, there are ways to work around it... More
Answered By: W. E - 7/17/2006
Additional Answers (11)
Go into a house with owner financing, or with a non qualifying mortgage
Answered By: bentworth78 - 7/17/2006
 
If you have a 10 percent down payment you will probably be able to get a loan.
Answered By: Norm - 7/17/2006
 
save up a larger deposit, while saving, build on your credit score. use the cards a bit more and DONT be late. with a more moderate score and a larger downpayment, you should be able to finance the house you want.
Answered By: digital genius - 7/17/2006
 
I'm a loan officer in Utah. So if you are in Utah I can get you a loan. But past that, I would go to a mortgage broker that specializes in niche loans. Tell them your situation, and they can find a lender that focuses on income over credit score. These lenders are called subprime lenders. They will often take scores as... More
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Answered By: notoriousnicholas - 7/17/2006
 
We just bought a house and our situation was worse than yours. The most important thing is to have a good downpayment, Not less than 10% of the price. And closing costs. A fixer upper is easier to get. Dont aim too high with the first house. You need a realtor that will work with you.
Answered By: Karen S - 7/17/2006
 
Your current credit will get you a mortgage with 10-15% down. If you want to be sure, most banks will give you one with 20% down.
Answered By: psycmikev - 7/17/2006
 
mail me personally i mighthelp
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Answered By: ron - 7/17/2006
 
The only stumbling block to having filed bankrupcty in the past, is that it seems you haven't re-established many lines of credit since then on your side... More
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Answered By: Reginald Whitcomb - 7/17/2006
 
I don't know where you live, but the best thing to do is take the guess work out of purchasing a home or whatever you want to purchase... More
Answered By: Skip - 7/17/2006
 
I don't know all your specifics but just about anyone can get a mortgage. I've gotten people with 461 credit scores get approved... More
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Answered By: matchew318 - 7/17/2006
 
You already have some great answers but please let me add my two cents. Sounds like your wife has reestablished since the bk which is good and since you are both married typically her credit is also your credit. You may not need any money down but I would recommend contacting a Mortgage Broker as they typically deal... More
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Answered By: Dan - 7/17/2006
 
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