Question: I previously declared bankruptcy and was discharged 9 months ago. I am in the process of getting married and we are looking at purchasing our first home. I have made sure to pay all my bills on time since the discharge and my fiance has impeccable credit. When we approach our bank for a pre-approval will they take both her and my annual salary into account when determining our mortgage pre-approval amount, or hers alone? Additionally, we have approximately 120K saved to put down.
Answer: The bank will take both incomes into consideration. If you have suitable income, and a significant down payment, you should still qualify for a mortgage, even during this credit crisis.